New Delhi, Jul 11 (PTI) Shares of Vedanta on Tuesday fell by nearly 3 per cent after Taiwan's Foxconn withdrew from a USD 19.5 billion semiconductor joint venture with mining baron Anil Agarwal's firm.

The stock declined 2.60 per cent to Rs 274.90 on the BSE.

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At the NSE, it fell by 2.56 per cent to Rs 275.

Foxconn has withdrawn from a USD 19.5 billion semiconductor joint venture with Vedanta Ltd as the venture struggled to get a technology partner to make chips that are used in mobile phones to refrigerators and cars.

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In a statement, Foxconn, the world's largest contract electronics maker, said it "has determined it will not move forward on the joint venture with Vedanta.

Agarwal's metals-to-oil conglomerate responded saying it was "fully committed to its semiconductor fab project and we have lined up other partners to set up India's first foundry".

It however did not give details of the new partners.

Foxconn, best known for assembling iPhones and other Apple products, and Vedanta last year signed a pact to set up semiconductor and display production plants in Gujarat.

European chipmaker STMicroelectronics was being roped in as a technology partner for the venture but talks were deadlocked.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)