Vedanta slips 2 per cent as subsidiary faces legal suit

The shares of Vedanta slipped more than 2 per cent in Thursday morning's trading session. This was on account of the possibility of a legal suit against the company’s subsidiary, Konkola Copper Mines (KCM) in the UK.

The suit is being filed by a large number of aggrieved Zambian villagers. These villagers live close to the enormous Nchanga Copper mine which is owned and operated by Vedanta’s subsidiary. The UK Supreme Court has ruled in favour of the villagers on Wednesday, said news reports.

Also, the company has moved the Supreme Court of India for gaining access to a closed copper plant in Tuticorin, Tamil Nadu, said another report. They wanted the same for the purpose of repair and maintenance. The high court’s delay in hearing the case engendered daily losses of Rs. 5 crore for the company.

On Thursday, the shares of Vedanta opened at Rs. 188.25. At 11:56 am, the stock was trading at Rs. 181.30, down 3.72 per cent.