Vedanta group firms surge; Vedanta Resources denies reports of stake sale in group cos

Shares of Vedanta group firms were in demand on Wednesday, with Vedanta Oil and Gas, Vedanta Iron And Steel and Vedanta Aluminium Metal rallying sharply, defying a bearish trend in equities.

Meanwhile, Vedanta Resources on Wednesday denied recent media speculation regarding a purported sale of its shareholding in Vedanta Ltd, Vedanta Aluminium, or any other Vedanta group company.

Shares of Vedanta Oil and Gas surged 5.57 per cent, Vedanta Iron And Steel rallied 4.98 per cent, Vedanta jumped 4.31 per cent, Vedanta Aluminium Metal climbed 3.32 per cent and Vedanta Power was up 1.57 per cent on the BSE.

“Vedanta Resources Limited denies the recent media speculation regarding a purported sale of its shareholding in Vedanta Limited, Vedanta Aluminium, or any other Vedanta group company, and confirms that there is currently no such plan,” a Vedanta spokesperson said.

The company remains focused on growth and full value unlock — anchored in its landmark demerger into five focused world-class companies, an ambitious growth capex pipeline, a strong deleveraging track record and consistent shareholder returns — as it continues its journey to build “five Vedantas” and transform for good, the spokesperson added.

Vedanta group’s demerged entities — Vedanta Aluminium Metal, Vedanta Power, Vedanta Oil and Gas and Vedanta Iron And Steel — made their stock market debut on June 15 this year.

In the equity market, the 30-share BSE Sensex declined 183.15 points, or 0.24 per cent, to settle at 77,472.94. The 50-share NSE Nifty was down 126.80 points, or 0.52 per cent, to end at 24,207.75.