Vedanta shares slip 6% amid block deal, log highest turnover

Shares of Vedanta fell up to 6% in early deals on Wednesday as reports said 17.1 crore shares or 4.5% equity stake changed hands in a block deal. The deal was worth Rs 7,359.4 crore with a promoter entity a likely seller in the transaction. However, buyers and seller in the deal were not immediately known.

The metal and mining stock saw the highest turnover of Rs 5,254 crore on BSE. The stock slipped 6.51% to Rs 424.50 on BSE. Market cap of the firm fell to Rs 1.64 lakh crore. The stock saw high volumes with Rs 12.25 crore shares changing hands on BSE. Vedanta shares have a one-year beta of 0.8, indicating low volatility during the period.

In terms of technicals, the relative strength index (RSI) of Vedanta stands at 53.8, signaling the stock is trading neither in the overbought nor in the oversold territory. Vedanta shares stand lower than the 5 day, 10 day, 20 day, 30 day but higher than the 50 day, 100 day, 150 day and 200 day moving averages.