Tata Chemicals Ltd's shares are under pressure on Friday after Kenya's President William Ruto ordered the company to stop its operations in the country. Expressing his disappointment, he said, the company's operations "failed to benefit" the African nation.
Shares of the chemical corporation fell as much as 2.55% to Rs 625 apiece.
Following the Kenyan President Ruto's remark, Tata Chemicals issued a statement saying the company "submitted all the information and documents sought by the Kenyan government".
The dispute has been building since July, and has now escalated from a suspension of mining operations to a presidential order asking the company to leave. The standoff centres on Tata Chemicals Magadi Limited (TCML), which operates the Magadi soda ash business in Kenya's Kajiado County.
Tata said it had provided a comprehensive response to the issues raised by the ministry, including information on its compliance with regulatory requirements. It is now waiting for the ministry to review those submissions and provide further directions.
Tata also said its priority remains the well-being of its employees, the Magadi community and its stakeholders in Kenya, along with the country's continued economic development.
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