Vedanta shares fall on FIR against Anil Agarwal, others in boiler blast case; what's next?
Vedanta stock fell 1.39 per cent to hit a low of Rs 771.85 on BSE. Vedanta had earlier informed stock exchanges about the incident on April 14.
- Apr 17, 2026,
- Updated Apr 17, 2026 10:07 AM IST
Shares of Vedanta Ltd declined on Friday, even as the broader market remained positive, after an FIR was filed against Anil Agarwal, chairman of Vedanta Resources Limited, along with company manager Devendra Patel and other officials. The case was linked to the boiler blast at the Vedanta power plant in Chhattisgarh’s Sakti district, which killed 20 workers, India Today reported.
Following the report, the Vedanta stock fell 1.39 per cent to hit a low of Rs 771.85 on BSE. Vedanta had earlier informed stock exchanges about the incident on April 14. Vedanta shares gained 1.79 per cent on April 15 and 2.19 per cent on April 16, only to see some fall today.
As per India Today report, Sakti Superintendent of Police Prafull Thakur said the FIR was registered at Dabhra police station under Sections 106 (causing death by negligence), 289 (negligent conduct with respect to machinery) and 3(5) (common intention) of the Bharatiya Nyaya Sanhita.
“Eight to ten individuals, including Vedanta Group chairman Anil Agarwal, have been named in the FIR. If more persons are found responsible during the investigation, their names will be added,” it quoted him as saying.
In the filing to BSE, Vedanta had on April 14 said it was extending full support to the injured and is closely coordinating with the attending medical teams and local authorities. Vedanta said it was in the process of ascertaining the details and has initiated a detailed investigation into the incident in coordination with its sub-contractor and the relevant authorities.
Vedanta Ltd is majority-owned by London-headquartered Vedanta Resources Ltd. Its Indian zinc business is largely run through HZL. In FY25, zinc (including HZL and international operations) contributed 43 per cent of Vedanta’s Rs 43,541 crore Ebitda, followed by aluminium (41 per cent) and oil & gas (10.7 per cent).
"We regret to inform that an unfortunate incident occurred at Unit-1 boiler of Company’s Athena Power plant located at Singhitarai, Chhattisgarh on April 14, 2026, involving personnels of Company’s sub-contractor, NGSL. As of now 24 workmen of our subcontractor have been affected by the incident and 10 have succumbed to their injuries."
Vedanta in the same filing noted that it was ensuring best possible medical assistance and treatment to all those affected.
Vedanta target price
Kotak Institutional Ewquities in a note said Vedanta is its top pick in the metals & mining space. It said aluminum prices continue to trend upwards in the past two weeks, notwithstanding the recent de-escalation of war in the West Asia.
"Supply disruptions led by (1) attacks on aluminum plants of EGA, Alba and (2) blockage of the Strait of Hormuz (SoH) are outweighing risks of demand destruction. We factor in lower production from ME in our demand-supply and forecast a much higher deficit in CY2026-27E. Inflexible and insufficient global surplus capacity should keep aluminium prices firm," it said.
Shares of Vedanta Ltd declined on Friday, even as the broader market remained positive, after an FIR was filed against Anil Agarwal, chairman of Vedanta Resources Limited, along with company manager Devendra Patel and other officials. The case was linked to the boiler blast at the Vedanta power plant in Chhattisgarh’s Sakti district, which killed 20 workers, India Today reported.
Following the report, the Vedanta stock fell 1.39 per cent to hit a low of Rs 771.85 on BSE. Vedanta had earlier informed stock exchanges about the incident on April 14. Vedanta shares gained 1.79 per cent on April 15 and 2.19 per cent on April 16, only to see some fall today.
As per India Today report, Sakti Superintendent of Police Prafull Thakur said the FIR was registered at Dabhra police station under Sections 106 (causing death by negligence), 289 (negligent conduct with respect to machinery) and 3(5) (common intention) of the Bharatiya Nyaya Sanhita.
“Eight to ten individuals, including Vedanta Group chairman Anil Agarwal, have been named in the FIR. If more persons are found responsible during the investigation, their names will be added,” it quoted him as saying.
In the filing to BSE, Vedanta had on April 14 said it was extending full support to the injured and is closely coordinating with the attending medical teams and local authorities. Vedanta said it was in the process of ascertaining the details and has initiated a detailed investigation into the incident in coordination with its sub-contractor and the relevant authorities.
Vedanta Ltd is majority-owned by London-headquartered Vedanta Resources Ltd. Its Indian zinc business is largely run through HZL. In FY25, zinc (including HZL and international operations) contributed 43 per cent of Vedanta’s Rs 43,541 crore Ebitda, followed by aluminium (41 per cent) and oil & gas (10.7 per cent).
"We regret to inform that an unfortunate incident occurred at Unit-1 boiler of Company’s Athena Power plant located at Singhitarai, Chhattisgarh on April 14, 2026, involving personnels of Company’s sub-contractor, NGSL. As of now 24 workmen of our subcontractor have been affected by the incident and 10 have succumbed to their injuries."
Vedanta in the same filing noted that it was ensuring best possible medical assistance and treatment to all those affected.
Vedanta target price
Kotak Institutional Ewquities in a note said Vedanta is its top pick in the metals & mining space. It said aluminum prices continue to trend upwards in the past two weeks, notwithstanding the recent de-escalation of war in the West Asia.
"Supply disruptions led by (1) attacks on aluminum plants of EGA, Alba and (2) blockage of the Strait of Hormuz (SoH) are outweighing risks of demand destruction. We factor in lower production from ME in our demand-supply and forecast a much higher deficit in CY2026-27E. Inflexible and insufficient global surplus capacity should keep aluminium prices firm," it said.