The apex court has asked Sterlite Industries to pay a compensation of Rs 100 crore for polluting the environment through its copper smelting plant in Tamil Nadu. However, it has been spared the closure of its plant in Tuticorin.
The compensation will have to be paid over five years. The compensation must act as a deterrent and anything less than Rs 100 crore would not have the desired effect, said the court.
The Sterlite Industries stock surged as the Court refused to order the closure of the plant. The stock climbed to a high of Rs 93.3 and was hovering around Rs 92.5 at 11.30 a.m, that is 3 % higher than the previous day's close.