Sesa Goa falls after Supreme Court panel's recommendations

Shares in Sesa Goa declined 2 per cent after a panel appointed by India's top court recommended scrapping 42 iron ore mining leases in Goa until mining companies submit plans to deal with the environmental impact and the legal details involved, a lawyer who attended the hearings said.

Kotak Institutional Equities said, "Resumption of mining in Goa could be a laboured affair and follow the footsteps of Karnataka."

The research house added that Sesa Goa stands to lose 9 per cent contribution to fair value due to this development, on a likely production cap and delay in restart of mining.


Copyright Thomson Reuters 2012