Vedanta share price fell over a percent on Wednesday after the Supreme Court dismissed a plea by the Vedanta Group seeking additional compensation for its Punjab-based Talwandi Sabo Power project. Vedanta shares fell as much as 1.32% to ₹444.15 apiece on the BSE.
The company had approached the apex court challenging the withdrawal of ‘deemed export’ benefits and sought higher compensation, a report said. The Supreme Court upheld the Appellate Tribunal for Electricity’s (APTEL) order, ruling that Talwandi Sabo was never legitimately entitled to such benefits. This effectively closes the door on any additional financial relief from the project.
Earlier, the National Company Law Tribunal (NCLT) had also rejected the proposed demerger of Talwandi Sabo Power Ltd, a subsidiary of Vedanta. The SC ruling effectively closes the door on additional financial inflows from Talwandi Sabo, tightening the company’s legal and financial options.
At 12:10 PM, Vedanta share price was trading 0.19% lower at ₹449.25 apiece on the BSE.
About The Author
