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Last Updated : Jun 13, 2019 10:32 AM IST

NMDC drops 6% after Chhattisgarh govt halts mining amid protests

Nearly 70 percent of NMDC's sales came from Chhattisgarh mines in FY19

Moneycontrol News @moneycontrolcom
Representative image
Representative image

Shares of National Mineral Development Corporation (NMDC) dropped more than 6 percent intraday on June 13 after the Chhattisgarh government asked the state-run company to disband iron-ore mining in Bailadila hills.

The decision comes after thousands of tribals staged protest in NMDC’s Bacheli-Kirandul complexes, under the banner of the Sanyukta Panchayat Samiti.

Nearly 10,000 tribals resorted to indefinite strikes demanding a ban on mining in the hill (reserve) that houses their deity.

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The operations in the mines have now been shut for a couple of days. Nearly 70 percent of NMDC's sales came from Chhattisgarh mines in FY19.

At 1029 hrs, NMDC was quoting Rs 101.60, down 5.37 percent on the BSE.

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First Published on Jun 13, 2019 10:31 am
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