Shares of Birla Corp. plunge sharply after NGT’s order banning mining in Chittorgarh municipal

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The shares of Birla Corporation on Monday morning slipped by over 14%, touching ₹485.10, on the BSE. The fall is share price is majorly due to the National Green Tribunal (NGT) March 8 order which barred all mining activities within the municipal limits of Chittorgarh city of Rajasthan.

A similar effect of NGT’s order was seen on the NSE market with share price falling by about 11.52% to the intra-day low of ₹500.

“The Principal Bench of National Green Tribunal on 8th March, 2019 has ordered to stop all mining activities which are being carried on within the municipal limits of Chittorgarh City and within 10 km of Bassi Wildlife Sanctuary or within Eco-Sensitive Zone of Bassi Wildlife Sanctuary, if finally notified,” Birla Corp stated in a regulatory filing on 9th March.

The NGT’s order is related to Birla Corporation’s Chanaderia cement plant.

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