Why Vedanta share crashed 20 percent today

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Vedanta share price crashed 20.68% today after the firm did not complete its delisting process.

The promoters did not secure the specified number of shares at the top of the reverse book-building process; the firm said.

The corporate will now remain listed on the Bombay stock market (BSE) and the National stock market (NSE).

The share price of Vedanta Ltd fell 23.1% intraday to Rs 94 against the previous close of Rs 122 on BSE.

Vedanta share opened with a loss of 9.99% at Rs 109.90 today, also it is intraday high. Vedanta stock is trading less than 5 days, 20 days, 50 days, 100 days, and 200-day moving averages.

The share has lost 32.13% in one year and fallen 34.62% since the start of this year. During a month, the stock has lost 24.36%. A total of 62.95 lakh shares changed hands amounting to a turnover of Rs 62.86 crore on BSE. The market cap of the firm fell to Rs 37,023 crore on BSE.

Vedanta could buy only 125.47 crore shares at the top of the five-day reverse book building (RBB) process. Promoters of the corporate needed 134.1 crore shares to finish the delisting process. Around 12.32 crore tendered shares couldn’t be confirmed by the top of the RBB process. The delisting process ended on October 9.

“In reference to the aforesaid delisting offer, we’ve been informed by Vedanta Resources Limited and its indirect subsidiaries namely, Vedanta Holdings Mauritius Limited and Vedanta Holdings Mauritius II Limited, that the Delisting Offer is deemed to possess failed in terms of Regulation 19(1) of the Delisting Regulations,” Vedanta told the stock exchanges on Saturday. On Michaelmas, the Anil Agarwal-led firm said announced its received in-principle approval from stock exchanges-BSE and the National stock market of India (NSE) -for its delisting from the bourses. Meanwhile, Sensex rose 260 points to 40,774 and Nifty gained 62 points to 11,997 in afternoon trade.

During the 7 days of straight gains, Sensex has risen 2,529 points higher, while NSE Nifty has gained 692 points from 11,222. LIC upsets Vedanta’s delisting plans; shareholders’ demand unaffordable Vedanta gets the in-principle nod for delisting from BSE, NSE Share Market News Live: Sensex rises 150 points, Nifty at 11,930; ITC, HCL Tech, SBI, Infosys top gainers.

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written by Raman Ahuja

written by Raman Ahuja

Raman Ahuja is 2nd Year BALLB student at MDU, Rohtak.
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