NMDC shares fall up to 7% as Karnataka govt's iron ore levy plans weigh on sector
NMDC fell 7% to hit the day's low of Rs 211.55 on the NSE on Wednesday following media reports that the Karnataka government is considering an increase in the duty on iron ore.
The selling was seen amid strong volumes as nearly 2.50 shares changed hands on the NSE around 1:30 pm.
The Siddaramaiah-led Karnataka government has tabled a bill to tax mines and mining land and it proposes to levy a tax from Rs 20 to Rs 100 per tonne for different minerals, a Moneycontrol report said. The proposed law is expected to bring revenue of Rs 4,207.95 crore, and tax on land-bearing minerals would fetch another Rs 505.9 crore a year.
Karnataka accounts for 78% of India's total iron ore reserves and is the leading iron ore producer.
The news had a negative impact on other stocks as well, as JSW Steel, Jindal Steel & Power and Tata Steel shares were trading up to 2% lower around 1:30 pm.
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