Vedanta's share price plunged nearly 9% after a block deal took place on the exchanges.

Around 16.5 crore equity shares of Vedanta worth ₹4,270 crore changed hands in the block deal.

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The sell-off was initiated by Twin Star Holdings Ltd, a promoter entity of Vedanta, which sold a 4.3% stake in the company.

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The stake sale is part of Anil Agarwal's plan to reduce debts and transform Vedanta into a green energy and non-ferrous business.

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JP Morgan India Pvt. Ltd brokered the deal between Twin Star Holdings and institutional investors.

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As per the terms of the deal, Twin Star Holdings sold 160 million shares at a 5% discount to the previous day's closing price on the NSE.

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The terms of the deal also include a 180-day lock-up period for the seller, restricting any further share sales.

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Vedanta's share price declined to ₹247.80 apiece on the BSE, just above its 52-week low.

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At the time of writing, Vedanta's share price was trading at ₹253.45 apiece on the BSE.

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