SLT Down After Vedanta Setback In India

Vedanta Resources Plc VDNRF received another setback in India in the past few weeks. Vedanta reported that the Madras High Court had ordered its subsidiary Sterlite Industries to close a copper-smelting plant. Sterlite Industries India Limited SLT shares dipped around 3.5% on the New York Stock Exchange (NYSE). Sterlite said, “The company is awaiting the full text of the order so as to decide on necessary recourse measures.” It also said that the smelter was in-line with international standards and that about 3,000 people are employed by the company in Tamil Nadu state. Shares of SLT fell 3.30% to $14.35 at 10:15 am. Read more from Benzinga's Company news.