National Aluminium Company Limited (NALCO) shares closed at ₹238.30 on Monday, up ₹2.20 or 0.93 per cent, as the state-owned enterprise contests regulatory penalties imposed by stock exchanges.

The company has been fined ₹7.51 lakh each by NSE and BSE for non-compliance with SEBI regulations regarding board composition during the quarter ended June 30, 2025. The penalties relate to violations of Regulations 17(1) and 18(1) of SEBI’s Listing Obligations and Disclosure Requirements, which mandate specific board composition standards including adequate independent directors.

In a letter dated October 24 to NSE, NALCO argued that as a Central Public Sector Enterprise, the appointment of directors rests solely with the President of India, leaving the company with no control over the matt

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