Vedanta stock dives 9% after clarification on Madras HC notice for Tuticorin unit buzz

Vedanta said, "Tuticorin matter is sub‐judice and we are pursuing legal remedies as prescribed by law."

Aug 20, 2021 03:08 IST India Infoline News Service

Vedanta stock was in a steep fall on Friday after the company clarified on buzz related to Madras High Court notice for Tuticorin unit.

At around 3.25 pm, Vedanta is trading at Rs268.90 per piece down by 9% on Sensex. The stock was near the day's low of Rs267.50 per piece.

Earlier today, Vedanta clarified on a MoneyControl report titled "Vedanta share price tanks 12% as Madras High Court issues notice for Tuticorin unit" to stock exchanges.

The exchanges had sought clarification for the above on August 18, 2021.

The report said that Madras HC issued a notice on remediation of contaminated sites at Tuticorin unit after a PIL was filed against the company, reported CNBC-TV18. The PIL demands Vedanta to remove all contaminated material within Sterlite copper plant.

In its regulatory filing, on Friday, Vedanta said, "This is a speculative story in media with no contribution from Vedanta Limited. As a Company, we have no role to comment on the court proceedings mentioned in this article. Tuticorin matter is sub‐judice and we are pursuing legal remedies as prescribed by law."

"The Company is committed towards maintaining highest standards of transparency and creating sustainable value for stakeholders. All relevant disclosures under SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 have been duly intimated by the Company in the past," Vedanta said.

Lastly, Vedanta said that the Company will not be able to comment on plausible reason for stock price movements.

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