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Sesa Goa, Sterlite slump on reports of mining halt

Sesa Goa, Sterlite slump on reports of mining halt
Sesa Goa dropped sharply by more than 5% and Sterlite Industries tumbled 4.77 after reports that all 90 mines in Goa will stop work till review is done.

Reports by CNN IBN states that the Goa government has decided to stop work at all mines in the state till a complete review. Following the decision, all the 90 mines in the state are slated to stop work till the completion of the review.

"This decision has come after the Bharatiya Janata Party (BJP) government in the state decided to review their working after the decision to implement the recommendations of the Shah Commission," the report states.

Sesa Goa is India's largest producer and exporter of iron ore in the private sector. Apart from Iron ore it also produces pig iron and metallurgical coke.

Sterlite Industries and Sesa Goa are part of the Vedanta Group and the two companies had a merger for proposal by the Vedanta Group some months ago.

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