Vedanta's share price drops as the Supreme Court Talwandi rejects Sabo's plea for additional compensation

Vedanta’s share price fell more than a percent on Wednesday after the Supreme Court rejected a plea from the Vedanta group to seek extra compensation for its Punjab-based Talwandi Sabo Power Project. Vedanta shares have dropped to 1.32% to £ 444.15 per piece on the BSE. The company approached the peak court that disputed the withdrawal of ‘Dear Export’ benefits and sought higher compensation, a report states. The Supreme Court confirmed the appeal tribunal for electricity (APTel) order, and ruled that Talwandi Sabo was never legally entitled to such benefits. This includes the door effective of any additional financial relief from the project. Earlier, the National Company Law Tribunal (NCLT) also rejected the proposed Demerger of Talwandi Sabo Power Ltd, a subsidiary of Vedanta. The SC decision closes the door effectively on additional financial inflow of Talwandi Sabo, which tightens the company’s legal and financial options. At 12:10 o’clock, the share price of Vedanta traded 0.19% lower at £ 449.25 per piece on the BSE. (More to come)