Vedanta shares slipped over 4% from their highs after reports of the collapse of the red mud pond at the company’s Lanjigarh refinery.
The incident has flooded hundreds of acres of agricultural land, causing significant local tension. Heavy rains are believed to have caused the collapse, leading to a flood-like situation in nearby areas, including Basantpada and Bangguda.
Local residents are demanding compensation from Vedanta, but the company has yet to respond. The lack of immediate action from Vedanta officials has fueled further unrest in the region.
As of 2:53 PM, Vedanta’s shares were down 0.69%, trading at ₹450.90 on the NSE. The incident is expected to have a neutral to negative impact on the company’s stock prices due to the environmental and operational concerns raised.
