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| Essar Energy shares fall 10% on 2011 loss | Essar Energy shares fall 10% on 2011 loss |
| (39 minutes later) | |
| Shares in India's Essar Energy have slumped more than 10% after the company reported an after-tax loss for 2011. | Shares in India's Essar Energy have slumped more than 10% after the company reported an after-tax loss for 2011. |
| The company made a loss of $568m (£358m) for the calendar year, compared with a profit of $248m in 2010. | The company made a loss of $568m (£358m) for the calendar year, compared with a profit of $248m in 2010. |
| It said 2011 had been a "challenging" year, with lower refining margins and a weaker rupee hitting profits towards the end of the year. | It said 2011 had been a "challenging" year, with lower refining margins and a weaker rupee hitting profits towards the end of the year. |
| Essar also highlighted government delays in granting permits to start mining coal blocks. | Essar also highlighted government delays in granting permits to start mining coal blocks. |
| In January, the Supreme Court in India ruled that the company could not defer tax payments. | In January, the Supreme Court in India ruled that the company could not defer tax payments. |
| The court ruled that Essar Oil, which is majority owned by Essar Energy, was not be able to defer $1.24bn in sales tax on refined oil products. | The court ruled that Essar Oil, which is majority owned by Essar Energy, was not be able to defer $1.24bn in sales tax on refined oil products. |
| This overturned a lower court's ruling that allowed the company to defer the payment to Gujurat state. | This overturned a lower court's ruling that allowed the company to defer the payment to Gujurat state. |
| "We were clearly disappointed that the Supreme Court of India set aside an earlier decision of the High Court of Gujarat which enabled us to benefit from a sales tax deferment scheme," said Essar Energy's chief executive Naresh Nayyar in the results statement. | "We were clearly disappointed that the Supreme Court of India set aside an earlier decision of the High Court of Gujarat which enabled us to benefit from a sales tax deferment scheme," said Essar Energy's chief executive Naresh Nayyar in the results statement. |
| "We are seeking a review of this decision." | "We are seeking a review of this decision." |
| Essar Energy, which listed on the London Stock Exchange in 2010, is owned by the Indian conglomerate Essar Group and is aiming to profit from India's growing demand for energy. | Essar Energy, which listed on the London Stock Exchange in 2010, is owned by the Indian conglomerate Essar Group and is aiming to profit from India's growing demand for energy. |