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.
The sell-off was initiated by Twin Star Holdings Ltd, a promoter entity of Vedanta, which sold a 4.3% stake in the company.
The stake sale is part of Anil Agarwal's plan to reduce debts and transform Vedanta into a green energy and non-ferrous business.
JP Morgan India Pvt. Ltd brokered the deal between Twin Star Holdings and institutional investors.
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.
The terms of the deal also include a 180-day lock-up period for the seller, restricting any further share sales.
Vedanta's share price declined to ₹247.80 apiece on the BSE, just above its 52-week low.
At the time of writing, Vedanta's share price was trading at ₹253.45 apiece on the BSE.
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