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Vedanta Share Price: Vedanta Limited has been fined. The company has been fined Rs 320 crore. On Wednesday, November 13, 2024, the company announced that it had received a notice to pay a fine of Rs 320 crore along with an Oil Industry Development Cess and applicable interest. According to Vedanta's exchange filing, this notice relates to the non-payment of cess by Videocon Industries Limited, a participant in the Ravva oil and gas block, for the period between December 2019 and March 2023.
There will be no financial impact.
Vedanta clarified that the demand is only for Videocon's share of cess, so there is no penalty on Vedanta's share. The order was issued by the Visakhapatnam Central GST Commissionerate.
Vedanta is now evaluating the option of appealing to the appropriate authority. The company stressed that the order will not have any operational or financial impact on its financial results.
What is the status of the share (Vedanta Share Price)
On Thursday, Vedanta's stock is showing slight weakness. Its stock opened on BSE at the same price without any increase or decrease as compared to its previous closing level of Rs 434.70. At around 2:15 pm, it is at Rs 433.50 with a decline of Rs 1.20 or 0.28 percent. At this price, the company's market capital is Rs 1.69 lakh crore.
Vedanta's share has slipped by about 7 percent in the last 5 days.
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