Vedanta Resources Shares Fall as Indian Court Orders Halt in Tuticorin
May 23 2018 - 4:39AM
Dow Jones News
By Oliver Griffin
Shares in Vedanta Resources PLC (VED.LN) fell after a court in
India ordered the company to cease construction and other
activities associated with the construction of a new copper smelter
in Tuticorin, southern India, until after a public hearing has been
conducted.
On Tuesday at least nine people died in clashes with police when
protests against Sterlite Copper--a division of Vedanta Ltd.
(VEDL), in turn a majority-owned subsidiary of Vedanta
Resources--turned violent.
The BBC has reported that protesters say the copper plant in
Tuticorin is polluting ground water and threatening the fishing
industry.
In a filing against Vedanta, the Madurai Bench of the Madras
High Court said the application for renewal of environmental
clearance for the Tuticorin copper smelter plant 2 project will be
processed after a mandatory public hearing.
The court said the application will be decided by the competent
authority by Sept. 23.
In the interim period, the High Court has ordered that all
operations at the project be halted with immediate effect while the
company awaits a decision from India's Ministry of Environment,
Forest and Climate Change, Vedanta Resources said.
Shares at 0855 GMT were down 5.6% at 796.60 pence.
Write to Oliver Griffin at oliver.griffin@dowjones.com
(END) Dow Jones Newswires
May 23, 2018 05:24 ET (09:24 GMT)
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