Shares of Vedanta Oil & Gas fell as much as 3.4% to their day’s low of Rs 33.66 on the BSE on Wednesday after the company disclosed two separate legal matters involving the Oil and Natural Gas Corporation Limited (ONGC) and the Directorate General of Hydrocarbons (DGH), Government of India.
In the first matter, the company said it had received demand letters from the DGH regarding four blocks awarded under the Open Acreage Licensing Policy (OALP) bidding rounds. According to the company, DGH has not granted further extensions for the four blocks and has sought payment of liquidated damages along with applicable interest.
