Shares of Vedanta Ltd slumped 7% on 13 March after the Securities Exchange Board of India (SEBI) ordered the company to pay Cairn UK Holdings Limited Rs 77.62 crore, excluding a simple interest of 18% per annum, for the delay in dividend payment.

The market regulator has also asked the company’s chairman and managing director Navin Agarwal, whole-time director and chief executive officer Thomas Albanese, whole-time director Tarun Jain, and whole-time director and chief financial officer GR Arun Kumar to refrain from accessing the securities market for two months.

SEBI has also refrained non-executive director Priya Agarwal and independent directors Lalita D Gupte, Aman Mehta, K Venkataramanan, Edward T Story, and Ravi Kant from accessing the securities market for a month.

The company said that it would take appropriate legal action in this manner and did not foresee any material or financial impact.

In its quarterly report for October-December, the company reported an 18% year-on-year decline in net profit to Rs 2,013 crore for the quarter under review from Rs 2,464 crore reported in the same quarter last year.

At 3:30 pm, the shares of Vedanta Closed 7.14% lower at Rs 251 on NSE.