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Home / World / India's Vedanta reaches a 10-month low as protests against copper rigs intensify

India's Vedanta reaches a 10-month low as protests against copper rigs intensify



(Reuters) – Vedanta Ltd shares ( VDAN.NS ) fell to their lowest level since July 5, 2017, after at least nine people were killed in the southern state of Tamil Nadu Police shot violent demonstrators calling for the closure of a molten copper owned by parent company Vedanta Resources Plc ( VED.L ).

Women call slogans during a protest against the government and police after at least nine people were killed when police fired at demonstrators calling for the closure of a copper smelter controlled by Vedanta Resources in Thootukudi, in the southern Indian state of Tamil Nadu in Chennai, India, May 22, 2018. REUTERS / P.Ravikumar

Demonstrations against the copper factory, one of the largest in India, have been going on for more than three months. Protesters claim that this is a major source of pollution and risk to fisheries.

FILE PHOTO: A bird flies past the Vedanta logo installed on the facade of its headquarters in Mumbai, India on January 31, 2018. REUTERS / Danish Siddiqui / File Photo

The Vedanta Sterlite Copper Unit-operated smelter is controlled by Vedanta Ltd ( VDAN.NS ), a majority owned subsidiary of London-listed Vedanta Resources.

Environmental activists and some local politicians want the government to permanently shut down the plant.

Vedanta had previously said that the protests were based on "false accusations" and that the capacity in the hut should be doubled to 800,000 tons a year.

Equities fell 3.2 percent from 0500 GMT, having already fallen 5.50 percent in the session.

Reporting by Arnab Paul in Bengaluru; Arrangement of Sunil Nair


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