Shares of NMDC
were trading 6% down on Thursday after media reports suggested that the Chhattisgarh government has asked the company to disband iron-ore mining in Bailadila hills.
As per media reports, the state government’s decision came after the tribals called protest in NMDC’s Bacheli-Kirandul complexes, under the banner of the Sanyukta Panchayat Samiti. As per reports, tribals called indefinite strikes demanding a ban on mining in the hill (reserve) that houses their deity.
The operations in the mines have now been shut for a couple of days. As per reports, ~70% of NMDC's sales came from Chhattisgarh mines in FY19.
NMDC Ltd's share price is currently at Rs104.50, down by Rs2.8 or 2.61%, from its previous close of Rs107.30 on the BSE.
The scrip opened at Rs106.75 and has touched a high and low of Rs106.75 and Rs100.25, respectively. So far, 66,91,936 (NSE+BSE) shares have been traded on the counter. The current market cap of the company is Rs32,853.65cr.