On April 21, Indian ore miner National Mineral Development Corporation (NMDC) shares fell 4.05% after the company announced its exploration of lithium reserves 124.3 miles (about 200 km) off Perth, Australia.

In Friday’s trade, the stock opened at Rs 111.95 per share against the previous close of Rs 112.20, touching an intraday low of Rs 107.65.

At 10:30 am, it was trading at Rs 108.85, down by 2.99% on the NSE.

The stock touched a 52-week high of Rs 131.80 on January 13, 2023, and a 52-week low of Rs 70.27 on July 15, 2022, respectively, demonstrating the current level stock that trades 55% above its 52-week low and 17.4% below its 52-week high.

The stock has displayed a decline of 2% in the past month. Moreover, the shares have dipped almost 17% in the last six months.

Currently, India imports lithium-based products like lithium-ion batteries to fulfil its needs. In Jammu & Kashmir, India announced its first lithium discovery in February.

The country hustles to promote the usage of greener vehicles by acquiring overseas mines to secure lithium supplies required to make electric vehicle batteries.

As per the media report, the NMDC is agreed to begin mining operations at its majority-owned mine in Mt Bevan, Australia, in the next two years.

NMDC produces about 35 million tons per annum of iron ore from three mechanical mining complexes, two in Chhattisgarh and one in Karnataka, which supply iron ore as lumps and fines for manufacture.