Sterlite Industries Down 4% ~ Smelter Shutdown Worries

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Sterlite Industries (India) shares fell sharply on Monday after a copper smelter run by the company in Tamil Nadu was closed after a preliminary inspection by state pollution regulator.

Sterlite Industries shares were down as much as 5 per cent to Rs. 89.50 on the National Stock Exchange in early trading against a 0.5 per cent decline in the broader BSE Metal index.

Sterlite will engage with Tamil Nadu Pollution Control Board to explain the factual position regarding emissions from the unit in Tuticorin, the company said in a statement to the National Stock Exchange. (With inputs from Reuters)