Vedanta Limited has informed the Exchange about Action(s) taken or orders passed
VEDL · price
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On the reaction day the stock moved 1.2 pts less than Nifty 100 and 1.2 pts less than its Metals & Mining peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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Vedanta's subsidiary Bharat Aluminium Company Limited (BALCO) has received a penalty order of Rs. 80.96 lakhs from the Income Tax Department's Assessment Unit for Assessment Year 2012-13, levied under Section 271(1)(c) of the Income Tax Act, 1961. The penalty follows an earlier assessment order passed under Section 254 read with Section 143(3) of the Act. BALCO plans to file an appeal with the Appellate Authority as well as a rectification application, citing merits in its case. The company has stated that it does not expect any material financial impact from this order on Vedanta's overall financials.
The penalty amount is small relative to Vedanta's overall size and the company plans to contest it, so this is unlikely to materially affect shareholders or the stock price. However, investors should keep track of the appeal outcome for any adverse revision.