Vedanta Shares Witness 9% Decline In A Single Day

Shares of one of the world's foremost natural resources conglomerates, Vedanta Ltd witnessed sharp decline of 9% in trade on Thursday. Current market price of Vedanta share is Rs 253.30 apiece with intraday fall of 6.94% at the time of writing the story. Vedanta stock declined after reports surfaced that Twin Star Holding, one of the key promotors of the Anil Agarwal's firm, sold nearly 4.3% stake via block deals.

It is worth mentioning that the floor price for the transaction, estimated at $501 million or Rs 4130 crore, is reportedly at Rs 258.5 per share reflecting a 5% discount to August 2 closing price of 272.20 on BSE. Meanwhile, Twin Star Holdings held 46.4% stake in Vedanta, according to available data.

Vedanta shares opened at 261.40 per share, touched day's high of Rs 261.40 per share, and day's low of Rs 247.80 apiece, respectively.

It has a market capitalisation of Rs 94,491.14 crore. Vedanta shares declined 19% in last 6-months, gave return of 2% in last 1-year, and declined again by 19% in last 2-years.

The proceeds from the stake sale will reportedly be used for repaying debe of parent company Vedanta Resources.

The company for the quarter ended June 30, 2023 declared its consolidated total income at Rs 34,279.00 crore, down 11.27% as compared to its last quarter total income of Rs 38,635.00 crore. It announced its latest quarter net profit after tax at Rs 3308.00 crore.

During the quarter ended 30 June 2023, the Board of Directors of the Company, through resolution passed by circulation on 22 May 2023, approved the first interim dividend on 18.50 per equity share, i.e., 1,850% on face value Re 1/- per equity share for FY 2023-24.