Shares of Vedanta Ltd. fell to nearly a 52-week low on Thursday following multiple large trades.
At least 16.24 crore shares, aggregating to a 4.4% stake in the company, changed hands in three large deals, according to Bloomberg.
Twin Star Holdings is the likely seller, seeking at least Rs 4,136 crore, people who have seen the terms told BQPrime on condition of anonymity.
There is an 180-day lock-in period on the seller, the people mentioned above said. JPMorgan is the sole broker for the deal.
Shares of Vedanta fell 6.71% to 253.9 apiece as of 10:14 a.m., as compared to a 0.25% decline in the NSE Nifty 50. The scrip fell as much as 9.02% to Rs 247.6 apiece, the lowest level since Aug. 5, 2022. It has fallen 18% year-to-date.
Total traded volume stood at 104.5 times its 30-day average. The relative strength index at 25, implying that the stock may be oversold.
Out of the 14 analysts tracking the company, three maintain a 'buy' rating, five recommend a 'hold', and six suggest a 'sell' on the stock, according to Bloomberg data. The average 12-month price target given by analysts implies a potential upside of 8.8%.
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