Vedanta Ltd announced that it has been fined ₹10 crore and penalised ₹92.04 crore by the customs authority, according to a regulatory filing. The action was detailed in a notice received from the Commissioner of Customs in Tuticorin on Tuesday, October 8.
The penalty and fine are accompanied by a demand for customs duty and applicable interest. Despite this, Vedanta has expressed confidence in its legal position, citing recent judicial decisions that bolster its case.
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The company has stated that the financial implications of the customs order are expected to be negligible. Vedanta believes it has a strong legal foundation to contest the imposed sanctions effectively.
Vedanta’s share price stands at ₹496.25, reflecting a decline of ₹1.20 or 0.24% today. The latest update was recorded on October 9, 2024, at 15:59 IST, indicating a slight dip in the stock’s performance amid market fluctuations.
Vedanta Ltd a subsidiary of Vedanta Resources Ltd, operates globally across various sectors including critical minerals, energy, and technology. The company has a significant presence in countries such as India, South Africa, Namibia, and others, engaging in diverse operations from oil and gas to glass substrate.
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With its extensive global operations in strategic industries such as zinc, lead, silver, and aluminium, Vedanta remains a key player in the global market. The company plans to review its next steps carefully, maintaining a focus on its strong legal standing against the recent penalties.