December 10, 2012 11:17 AM IST

Sesa Goa Drops 2 Percent on SC Panel Advice

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Sesa Goa Drops 2 Percent on SC Panel Advice

Shares in Sesa Goa(SESA.NS) fall 2 percent 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.

Bedara Bhommanahalli (BBH) Iron Ore Mines in Chitradurga, Karnataka

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

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

Copyright 2012 Thomson Reuters. All rights reserved.
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