Hindustan Copper faces regulatory fine, credit ratings reaffirmed by ICRA

Hindustan Copper Limited (HCL) has received a fine of INR 980,580 each from both BSE and NSE for non-compliance with SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015. The non-compliance relates to the composition of its board and committees for the quarter ended June 30, 2025.

As a government company, HCL noted that director appointments are made by the President of India, acting through the Ministry of Mines. Requests for the appointment of five part-time non-official/independent directors and one government nominee director are currently under consideration. The board, in its 454th meeting on October 7, 2025, advised seeking an exemption from the fine from the Ministry or the exchanges and informed the government (promoter) to appoint vacant director posts.

Concurrently, ICRA Ltd reaffirmed HCL’s credit ratings as of October 7, 2025. The long-term rating for INR 2,100 crore in bank facilities was reaffirmed at [ICRA]AA+ (Stable), and the short-term rating at [ICRA]A1+. Additionally, the short-term rating for INR 100 crore in commercial paper was reaffirmed at [ICRA]A1+.