Sterlite stock tanks on reports of merger

Shares of Sterlite Industries tanked almost 4% as reports of merger with group company Sesa Goa did not go down well with investors. The shares were trading at Rs 115.10, down by Rs 4.15 at 10.10 am IST.

Ever since reports of the merger, shares of Sterlite Industries have fallen gradually from Rs 132 to the current level of Rs 115.50.

Sterlite Industries is one of India's largest non-ferrous metals and mining company and is a subsidiary of Vedanta Resources.

Vedanta has clarified that it is a strategy to simplify and consolidate its corporate structure and the management reviews options to deliver this strategy on an ongoing basis and will update the market as appropriate.

Shares of Sesa Goa were trading flat at Rs 236 on the National Stock Exchange.

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