Sterlite protests brings down the value of firm's shares heavily
- IndiaGlitz, [Wednesday,May 23 2018]
The protests at Tuticorin against the Sterlite corporation turned into violence yesrterday with cops opening fire on innocent protesters. Reportedly 11 lives have been lost owing to this.
Sterlite Industries is a subsidiary of Vedanta Resources, a metals and mining conglomerate founded by Anil Aggarwal. This day, Vedanta’s shares fell down 6 % following the protests yesterday. It is to be noted that this is the lowest level in nearly 11 long months for the company.
Its stocks lost 5.80% to Rs.253.85 on Bombay Stock Exchange and 6% lower to Rs.253.75 on National Stock Exchange. It is also worth mentioning here that the protests have been going on for the past three months now by the people to shut down operations due to polluttion concerns.