Vedanta block deal: Shares decline up to 8% after 2.2% equity changes hands

Vedanta share price: Shares of Vedanta, the diversified metals company, traded lower at Rs 273.45, down over 2 per cent, as 2.2 per cent equity worth Rs 8.3 crore changed hands in the counter via a block deal which took place at the opening trade today.

Block deals are employed in a bid to either raise fresh capital or improve the company’s shareholding structure. Generally, it involves the purchase or sale of a significant number of shares in a single transaction. 

At the day’s low, the stock hit a price of Rs 255.9, signifying a decline of up to 8.35 per cent in the counter.

Currently, the party that undertook the deal is not known, and if the promoters had sold shares in the entity, the free float would see a rise, consequently resulting in a weightage change.

Earlier in its filing with the exchanges dated February 14, the company disclosed the penalty imposed on Hindustan Zinc by the Office of the Principal Commissioner, Central Excise & CGST Commissionerate, Udaipur. 

Vedanta is a diversified metals company operating across segments such as copper, aluminium, iron ore, power, zinc, lead, silver, oil and gas. The company is a large-cap company with a m-cap of over Rs 1.03 lakh crore.