Vedanta Plummets Nearly 21% After Delisting Attempt Fails

Shares of Vedanta on Monday plummeted nearly 21 per cent after the company’s delisting went from almost-a-success to failure on account of a large quantity of unconfirmed orders. The stock plunged 20.60 per cent to close at Rs 96.95 on BSE. During the day, it tanked 23 per cent to Rs 94. On NSE, it tumbled 20.68 per cent to close at Rs 96.65.

The company’s market valuation declined Rs 9,347.78 crore to Rs 36,038.22 crore on BSE. In volume terms, 85.06 lakh shares were traded at BSE and over 14.50 crore shares on NSE. In a regulatory filing, Vedanta said its buyback offer is deemed to have failed as per the terms of the delisting regulations after promoter Vedanta Resources did not receive the required number of shares to delist the firm. A large number of unconfirmed bids and some technical glitches in the tender process are likely to have contributed to the failure.