Shares of Vedanta Ltd dropped more than three percent on Wednesday after the company reported a decline in production of aluminium in the quarter ended December 31, 2022.

Share Market Live

NSE

According to a filing submitted to the stock exchanges, Vedanta announced that its total aluminum production declined by 2 percent to 5.66 lakh tonne in the three months ended December 2022, from 5.79 lakh tonne in the year-ago period.

It added that alumina production at Lanjigarh refinery in Odisha decreased by 6 percent from last year and 2 percent from the previous quarter to 4.43 lakh tonne due to maintenance activities in calciners.

Also Read: Sanjay Mudaliar joins Indian Overseas Bank as executive director

At Zinc India, the mined metal production increased marginally by 1 percent from last year to 2.54 lakh tonne in the third quarter of this fiscal, on higher ore production, while integrated saleable metal output fell 2 percent from last year to 2.57 lakh tonne in the quarter under review.

With regards to iron ore, the company said that production of saleable iron ore in Karnataka jumped 17 percent year-on-year and 34 percent quarter-on-quarter to 1.5 million tonne in the December quarter as the previous periods were impacted by heavy rainfall.

However, there was no iron ore production from Goa as mining remained suspended following the Supreme Court order of February 2018.

Total production of finished steel was at 3.06 lakh tonne in the quarter under review, down by 13 percent from last year and 6 percent from the previous quarter, due to maintenance activities in blast furnaces.

Shares of Vedanta were 3.82 percent down at Rs 307.3 apiece on BSE at 12.06pm on Wednesday.

Also Read: NTPC’s power generation jumps 11% to 254 billion units in April-December 2022