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NMDC skids 7% after protests halt iron ore production at Chhattisgarh unit

SI Reporter/Mumbai 13 Jun 19 | 10:58 AM

Shares of NMDC dipped 7 per cent to Rs 100 per share on the BSE on Thursday after the state-owned company halted production at Bailadilla range in Dantewada district of Chhattisgarh due to tribals' protest.

Barring Kumaraswamy Mines in Karnataka, production of iron ore by NMDC came to a standstill across all its iron ore mining facilities, news agency PTI reported. CLICK HERE TO READ FULL REPORT

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Earlier, NMDC had suspended iron ore-mining from its Donimalai mine following the Karnataka government's decision to impose 80 per cent premium on the ore sales from the mine in November, 2018, the report said.

Tribals’ agitation against the allotment of an iron-ore mine to NMDC entered the sixth day on Wednesday, also affecting production at the company’s Bacheli-Kirandul complexes in Chhattisgarh. The two complexes in Dantewada district, with 25 million tonne per annum (mtpa) capacity, contribute a lion’s share to NMDC’s total output, the Business Standard reported. CLICK HERE TO READ FULL REPORT

In the past four weeks, the stock of NMDC has outperformed the market, by surging 19 per cent, as compared to a 7 per cent rise in the S&P BSE Sensex till Wednesday.

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