Shares of National Mineral Development Corporation (NMDC) dropped more than 6 percent intraday on June 13 after the Chhattisgarh government asked the state-run company to disband iron-ore mining in Bailadila hills. The decision comes after thousands of tribals staged protest in NMDC’s Bacheli-Kirandul complexes, under the banner of the Sanyukta Panchayat Samiti.
Nearly 10,000 tribals resorted to indefinite strikes demanding a ban on mining in the hill (reserve) that houses their deity. The operations in the mines have now been shut for a couple of days. Nearly 70 percent of NMDC's sales came from Chhattisgarh mines in FY19.