Shares of Vedanta Ltd. are trading 4% lower on Tuesday and have now declined in four out of the last five trading sessions. As of 10:00 A, the shares of Vedanta were trading 3.72% lower at ₹432.05 on NSE.
The recent drop follows the successful closure of Vedanta’s Qualified Institutions Placement (QIP) issue. The company raised ₹8,500 crore by selling 19.31 crore equity shares at ₹440 per share. The issue saw participation from major institutional investors including Morgan Stanley, Societe Generale, SBI Mutual Fund, Nippon Mutual Fund, ICICI Mutual Fund, and Copthall Mauritius Investment.
With the stock now out of the Futures and Options (F&O) ban, new positions can be created in the stock, whether long or short. The F&O ban prevents the creation of new positions in a stock.
TOPICS:
Vedanta