Vedanta Share Price Today Crashes 9 Percent
Vedanta Share Price Today: The promoters of mining Vedanta (VEDL), which is run by billionaire Anil Agarwal, sold a 4.3 percent interest through a block sale on Thursday, placing strong selling pressure on the company’s shares. Promoter Twin Star Holdings decreased its ownership in the company from 46.4 percent to 42.1 percent by selling 16 crore shares. The purchase price was 5% less than what it would have been on the open market.
The stock dropped as much as 9% from the previous closing of Rs 272.15 on the NSE to reach the day’s low of Rs 247.6 after opening at Rs 260.9. On the NSE, it ultimately closed 6.71 percent lower at Rs 253.9 per unit.
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Anil Agarwal, the chairman of Vedanta, has urged the establishment of a policy system that encourages young entrepreneurs to work in the mining industry, particularly with regard to metals that are essential to new technologies. According to him, the establishment of large-scale mines will also benefit India in reducing its reliance on imports.
The key in India is to provide young businesspeople the freedom to conduct research and the ability to sell their finds to sizable mining firms, who will put them into production. He stated that encouraging exploration and liberalizing markets might be a game-changer for startups and that doing so will help India rank among the world’s top three economies. “Time is of the essence,” he said.
One of the top firms dealing in natural resources is Vedanta, a division of Vedanta Resources Limited, which has operations in the following sectors: oil & gas, zinc, lead, silver, copper, iron ore, steel, nickel, aluminum, power, and glass substrates. It also has operations in South Africa, Namibia, Liberia, the United Arab Emirates, Korea, Taiwan, and Japan. Additionally, it is experimenting with semiconductors and display glass.
The price of Vedanta’s shares has increased by around 2% during August 3, 2022. In contrast, the Nifty 50 headline index has increased by more than 12%.
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