Orissa Minerals Development Company (OMDC) declined 1.80% to Rs 6,870.05 after the company suspended Ramakanta Behera, chief financial officer (CFO), with immediate effect due to allegations of misconduct.
The mining company informed that certain allegations of misconduct have been made against Ramakanta Behera, and since the allegations were of a serious nature, he had been suspended from duty with immediate effect pending further proceedings and final orders in the matter.Orissa Minerals Development Company (OMDC), (also known as Orissa Minerals), is a public sector undertaking company in the state of Odisha under administrative control of Department of Steel and Mines, Government of Odisha. It is engaged in the mining and production of iron ore and manganese ore. It is a subsidiary of state-owned Rashtriya Ispat Nigam.
The company has reported 58.9% decline in net profit to Rs 0.79 crore on a 40.7% increase in net sales to Rs 23.39 crore in Q2 FY25 as compared with Q2 FY24.
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