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Vedanta drops 3% as firm loses $200 million in profits in a year

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Vedanta drops 3% as firm loses $200 million in profits in a year

India faced a crunch in the availability of refined copper due to Vedanta’s Tuticorin smelter closure.

Shares of Vedanta fell nearly 3 per cent to Rs 164.80 in Monday’s session after the Chairman’s statement that the firm has lost about $200 million in profits ever since its copper plant in Tamil Nadu was shut.

A PTI report quoted the Group Chairman Anil Agarwal saying that Vedanta lost about $200 million in profits ever since its copper smelter plant in Tamil Nadu was shut more than a year back after police fired on protesters and killed 13 people.

The report also added Vedanta’s statement in its annual report for 2018-19 as, “India faced a crunch in the availability of refined copper due to Vedanta’s Tuticorin smelter closure. Chinese smelter output increased by 4.2 per cent in 2018, despite the closure of some smelters for maintenance during the fourth quarter.”

The Tamil Nadu government had in May last  year ordered permanent shutdown of the copper smelter after bloody protests at the plant in Thoothukudi culminated in the police opening fire on demonstrators.

Vedanta wants the plant to be reopened, pointing to the economic pressures from the closure. As many as 20,000 direct and indirect jobs have been lost due to the shutting of the smelter and about 98,400 more were affected in the consumer or downstream industries.
Shares of Vedanta traded 2.09 per cent down at Rs 166.05 on BSE around 10:15 am.

https://economictimes.indiatimes.com/markets/stocks/news/vedanta-drops-3-as-firm-loses-200-million-in-profits-in-a-year/articleshow/69820430.cms

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