Vedanta company says not selling Sterlite copper smelting plant in Thoothukudi; shares under pressure

Vedanta share price NSE: Shares of mining major Vedanta (VEDL) reeled under pressure on Friday after the company junked reports suggesting that it is selling its Sterlite copper plant in Thoothukudi, Tamil Nadu.

Vedanta share price NSE: Shares of mining major Vedanta (VEDL) reeled under pressure on Friday. Image: Reuters

Vedanta share price NSE: Shares of mining major Vedanta (VEDL) reeled under pressure on Friday after the company junked reports suggesting that it is selling its Sterlite copper plant in Thoothukudi, Tamil Nadu. Vedanta said it has no plans to sell the copper plant, terming the reports "wrong, baseless and incorrect". Vedanta shares fell about 1.5 per cent to Rs 276 apiece on NSE. At the time of publishing this report, the stock quoted at Rs 278.1 apiece, down by Rs 2.6 or 0.9 per cent on the day.

In a regulatory filing post-market hours on Thursday, billionaire Anil Agarwal-led Vedanta said the plant is a national asset, and claimed it contributed 40 per cent to the country's overall copper production.

As the country has become a net importer of copper, there has been a growing demand to restart its operations, Vedanta said.