Vedanta Ltd's stock dropped 4.4% to around Rs 595 on Thursday, following a broad sell‑off in metal‑related shares as global commodity prices fell.
Metal price weakness hits the market
Futures for silver, gold, copper, zinc and aluminium were all lower, with silver down almost 3% and gold slipping over 0.6% around midday. The Nifty Metal index fell close to 3%, and every stock in the index traded in the red, including big names like Hindalco, Hindustan Zinc, JSW Steel, NMDC, NALCO, Tata Steel and Jindal Steel.
Why Vedanta fell
Analysts say the drop is partly profit‑booking after Vedanta hit recent highs near Rs 630, combined with the sharp correction in commodity prices that hurts metal producers.
Possible buying level
Technical view suggests that if Vedanta slides toward the Rs 580 level, it could act as a short‑term support zone and present a buying opportunity for investors looking for a lower entry point.
Vedanta’s demerger plan
The company recently shared more details on its approved demerger. After the split, Vedanta will become five separate listed entities focused on aluminium, oil & gas, power (subject to approval), iron & steel, and the parent company. Shareholders will receive one share in each of the four new companies for every Vedanta share they hold.
Other news
Tragically, Agnivesh Agarwal, the son of Vedanta chairman Anil Agarwal, passed away following a skiing accident in the United States.
Disclaimer
Remember, this is perspective, not a prediction. Do your own research before making any investment decisions.