New Delhi: Shares of Vedanta Ltd on Wednesday dropped by nearly 7 % after Sebi ordered mining mogul Anil Agarwal’s firm to pay INR 77.62 crore to Scottish explorer Cairn for delay in payment of dividends. The stock tanked 6.83 % to settle at INR 251.85 on the BSE. During the day, it dropped 7.60 % to INR 249.75.
At the NSE, it tumbled 6.80 % to INR 251.90.
The company’s market capitalisation (mcap) fell by INR 6,858.48 crore to INR 93,617.60 crore.
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 INR 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.
