MAC: Mines and Communities

Sesa Goa slides on report of accounts probe

Published by MAC on 2009-11-23
Source: Reuters

MUMBAI - Shares in miner Sesa Goa, a unit of London-listed Vedanta Resources, slumped more than 13 percent to a 3-week low on Tuesday after a newspaper reported that a government agency was probing the firm's accounts.

The Serious Fraud Investigation Office (SFIO) was investigating the last eight years financial accounts of India's top private sector iron ore exporter, the Business Standard newspaper said, citing an unidentified government official.

Moves in Sesa Goa's share price would also be investigated, the official told the paper.

Sesa Goa could not be immediately reached for comment.

Vedanta said in a statement that neither it nor Sesa Goa had received any notification from the SFIO.

The Business Standard also quoted Sesa Goa Managing Director P.K. Mukherjee as saying the company was not aware of the SFIO probe.

Sesa Goa shares closed down 12.4 percent at 276.35 rupees.

(Reporting by Pratish Narayanan; Editing by John Mair)


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