March 20, 2012 / 7:32 AM / 6 years ago

MARKET EYE-Australia's mining tax hits Adani Enterprises

Shares in diversified trading firm Adani Enterprises dropped 4 percent, heading to their fifth consecutive losing session, after Australia’s parliament passed laws for a new 30 percent tax on iron ore and coal mine profits on Monday.

Adani Enterprises, which dropped 12 percent over the previous four sessions, and Lanco Infratech are among the major Indian companies that own mines in Australia.

The Australian mines for both companies are not yet operational but traders worried about the return on their investments once profits begin to be taxed under the newly-passed laws.

Reporting by Abhishek Vishnoi; Editing by Rafael Nam

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