Vedanta shares tumbled up to 6% in early trading on Wednesday as reports indicated that 17.1 crore shares, or a 4.5% equity holding, changed hands in a block sale.
The sale was worth Rs 7,359.4 crore, with a promoter firm acting as the potential seller. However, the buyers and sellers in the transaction were not immediately identified.
The metal and mining stock had the highest turnover of Rs 5,254 crore on the BSE. The stock dropped 6.51% to Rs 424.50 on the BSE. The firm's market capitalization plummeted to Rs 1.64 lakh billion.
The stock saw strong volume, with Rs 12.25 crore shares changing hands on the BSE. Vedanta's shares have a one-year beta of 0.8, showing modest volatility throughout the period.
In terms of technicals, Vedanta's Relative Strength Index (RSI) is 53.8, indicating that the stock is not overbought or oversold.
Vedanta shares are trading lower than the 5 day, 10 day, 20 day, and 30 day moving averages, but higher than the 50 day, 100 day, 150 day, and 200 day averages.
