Print   Close

Why Vedanta share price crashed 23% today

BusinessToday.In     October 12, 2020

Vedanta share price crashed 23% today after the firm failed to complete its delisting process. The promoters failed to secure the required number of shares at the end of reverse book building process, the firm said. The company will now remain listed on Bombay Stock Exchange (BSE) and National Stock Exchange (NSE).

Share price of Vedanta Ltd fell 23.1% intra day to Rs 94 against previous close of Rs 122 on BSE.

Vedanta share opened with a loss of 9.99% at Rs 109.90 today, also its intra day high.

Vedanta stock is trading lower than 5 day, 20 day, 50 day, 100 day and 200 day moving averages.

The share has lost 32.13% in one year and fallen 34.62% since the beginning of this year. In a month, the stock has lost 24.36%. Total 62.95 lakh shares changed hands amounting to turnover of Rs 62.86 crore on BSE.

Market cap of the firm fell to Rs 37,023 crore on BSE.

Vedanta could buy only 125.47 crore shares at the end of the five-day reverse book building (RBB) process. Promoters of the company needed 134.1 crore shares to complete the delisting process. Around 12.32 crore tendered shares could not be confirmed by the end of the RBB process.

The delisting process ended on October 9.

"In connection with the aforesaid delisting offer, we have 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 have failed in terms of Regulation 19(1) of the Delisting Regulations," Vedanta told the stock exchanges on Saturday.

On September 29, the Anil Agarwal-led firm said announced it has received in-principle approval from stock exchanges-BSE and National Stock Exchange 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 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

URL for this article :
@ Copyright 2019 India Today Group.