Latest News | Vedanta Shares Fall Nearly 7 Pc; Mcap Declines by Rs 6,858 Cr

New Delhi, Mar 13 (PTI) Shares of Vedanta Ltd on Wednesday dropped by nearly 7 per cent after Sebi ordered mining mogul Anil Agarwal's firm to pay Rs 77.62 crore to Scottish explorer Cairn for delay in payment of dividends.

The stock tanked 6.83 per cent to settle at Rs 251.85 on the BSE. During the day, it dropped 7.60 per cent to Rs 249.75.

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At the NSE, it tumbled 6.80 per cent to Rs 251.90.

The company's market capitalisation (mcap) fell by Rs 6,858.48 crore to Rs 93,617.60 crore.

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In traded volume terms, 7.26 lakh shares of the company were traded at the BSE, and over 154.51 lakh shares changed hands at the NSE.

Sebi on Tuesday ordered Vedanta Ltd to pay Rs 77.62 crore to Cairn for delay in payment of dividends, and also barred the firm's entire board, including his brother Navin and daughter Priya, from accessing the capital market for the same.

The Securities and Exchange Board of India (Sebi) in a 76-page order said Vedanta must make the payment within 45 days or face further action.

In a stock exchange filing, Vedanta said it received the order on Tuesday. "The company is in the process of taking appropriate legal steps in respect of the same," it said.

Vedanta had in 2011 bought Cairn Energy PLC's majority stake in its Indian arm, Cairn India Ltd. Cairn continued to hold a minority stake in Cairn India, which was subsequently merged into its parent and Mumbai-listed Vedanta Ltd.

(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)