Vedanta shares continue to slide while Sterlite recovers

Vedanta shares continue to slide while Sterlite recoversShares of beleaguered Vedanta Resources fell down for the second successive session n Wednesday on the London Stock Exchange after it failed to get the necessary government approval for its project in Orissa.

The total worth of the project is $1.7 billion and is in bauxite. Meanwhile, shares of Sterlite Industries which is part of Vedanta managed to recover after yesterday's fall.

After opening on a weak note, the share fell down further by 1.16 per cent during the session to end at a low of 18.60 pounds. It had lost 7.6 per cent on Tuesday.

Both Vedanta and Sterlite, which are listed on the London Stock Exchange saw the wrath of the shareholders also because of the weak performing on the benchmark FTSE 100 shares. Other mining stocks also ended in the red on LSE.

Sterlite bounced back by 1.12 per cent in the afternoon on the BSE. It is big thing since the company had lost 4 per cent on the previous day.

Analysts believe that while on one hand the company is facing trouble on the Orissa front on the other it is also feeling the heat of Cairn trouble.