Vedanta shares contradict forecast after the Chhattisgarh plant incident

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Despite expected pressure, Vedanta Limited shares have reported remarkable gains despite the unfortunate boiler tube explosion at a Vedanta Limited thermal power plant in Chhattisgarh’s Sakti district on April 14, which caused the demise of 24 workers and injured about 12. 

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On April 13, the Vedanta stocks closed at INR 752.55 per share. The explosion of a steel tube carrying high-pressure steam from the boiler to the turbine at the Vedanta Limited power plant, the Unit-1 boiler of its Athena Power plant in Singhitarai, Chhattisgarh, on April 14, created the possibility for the company’s share price fluctuation.

Interestingly, on April 15, the market saw a new development as the shares began to rise. The market opened at INR 752 per share and closed at INR 766.05 per share, reflecting a 1.79 per cent hike. The upward trajectory continued on April 16, as the closing price was recorded at INR 782.85 per share, marking another day-on-day gain of 2.19 per cent.

The prices kept rising, but the momentum eased slightly on April 17, with the prices rising 0.59 per cent to settle at INR 787.5 per share.

As of April 20, Vedanta’s share price has been reporting a decline, running at INR 769.3 per share, after remaining stable for three days since the incident and running close to the 52-week high of INR 791.15 per share. Although down 2.31 per cent day-on-day, the figure remains higher than that on April 13 by 2.23 per cent. 

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Among the victims of the unfortunate Chhattisgarh incident, seven labourers were from West Bengal, five from Chhattisgarh, four from Jharkhand, three from Uttar Pradesh, and two each from Bihar and Madhya Pradesh.

Vedanta announced that a detailed investigation of the incident was being carried out with regard to its subcontractor and relevant authorities, and extended sympathy and support to the families of the victims, providing medical assistance and local reinforcement to the injured.  

Vedanta Chairman Anil Agarwal addressed the incident on his X handle, stating that he was “Deeply saddened by the tragic accident at the Singhitarai plant in Chhattisgarh. Everyone affected is my family. Your tears are mine. Your pain is mine.”

Agarwal reiterated a full investigation of the matter, as he continued, “Our full support, in every way, is with you. A full investigation is underway. All due processes will be followed. No stone will be left unturned.” 

Note: As of April 20, INR 1 = USD 0.011

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