NMDC shares drop nearly 4% as Karnataka govt considers increasing iron ore duty

NMDC shares fell 3.83% to ₹218.80 in today’s trade following reports that the Karnataka government may hike duty on iron ore. The move is aimed at generating approximately ₹10,000 crore in revenue this year, as per sources reported by CNBC-TV18.

The Karnataka government is likely to increase iron ore duty to raise nearly ₹10,000 crore in revenue this year, according to CNBC-TV18 reports.

Key Updates:

• A draft to hike iron ore duty has reportedly been circulated.
• Karnataka contributes 35% of NMDC’s total iron ore mix, making this decision significant for the company.
• The Supreme Court has already approved retrospective collection of mining taxes from 2005.