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Vedanta shares traded lower during early trade on Wednesday after the company confirmed the government's denial of extension for Cambay Basin oil block.

The Anil Agarwal-led company received an intimation on Sept. 19 from the Ministry of Petroleum & Natural Gas that the application for extension of Production Sharing Contract of Block CB-OS/2 has not been accepted.

"We are engaging with respective authorities and evaluating all resources available to resolve the same," a stock exchange filing said late Tuesday.

Vedanta Cairn, a subsidiary of Vedanta, was the operator of the block with 40% stake. Government-owned Oil and Natural Gas Corp. holds 50%. Originally, Tata Petrodyne Ltd. held a 10% stake in the

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