Shares of Hindustan Zinc fell over 5% on Wednesday to close at ₹462 after a major block deal saw 7.2 crore shares, representing 1.71% equity, change hands at a price of ₹460.5 per share, totaling ₹3,323 crore.
According to reports, Vedanta Ltd, the promoter entity, is believed to be the seller in the transaction, aiming to monetise a part of its stake in the company. Earlier, Vedanta was reported to be planning a 1.6% stake sale via block deals at a floor price of ₹452.5, a nearly 7% discount to Tuesday’s close.
As of December 31, 2024, Vedanta owned 63.42% stake in Hindustan Zinc. Despite the company’s announcement of a ₹12,000 crore investment to build a new integrated zinc metal complex in Rajasthan, investor sentiment remained cautious due to the large stake sale.
The stock has now fallen over 8% in the last five sessions, as markets absorb the impact of promoter-level divestments and pricing pressure from institutional flows.
Disclaimer: The information provided is for informational purposes only and should not be considered financial or investment advice. Stock market investments are subject to market risks. Always conduct your own research or consult a financial advisor before making investment decisions. Author or Business Upturn is not liable for any losses arising from the use of this information.
