Vedanta shares fall 7% after promoter Twin Star may have sold shares worth ₹2,150 crore

Anil Agarwal-owned mining conglomerate Vedanta Ltd. witnessed a block deal on Tuesday, June 23, where as many as 7.3 crore shares changed hands. The stock is down as much as 7% in early trading on Tuesday.

The number of shares that changed hands amount to 1.7% of the company's outstanding equity. Shares changed hands at an average price of ₹292 per share, taking the total transaction value to ₹2,149 crore.

While buyers and sellers in the transaction are not officially known yet, sources have told CNBC-Tv18 that Vedanta's promoter entity Twin Star Holdings is the likely seller in this transaction.

The sources had also added that the floor price for the transaction was said to be around ₹291 per share. The floor price reflects a 4.9% discount to Monday's closing price.

At the end of the March quarter, promoter holding in Vedanta Ltd. stood at 56.38%. Within the promoter shareholding, Twin Star Holdings has a 40% stake in the company.

In a recent interaction with CNBC-TV18 during the demerger of four of its group entities, Vedanta Chairman Anil Agarwal had said that he does not mind paring stake down further in the company as long as the company does well and continues to grow.

"Maalik Bankar Rehna Zaroori Nahi Hai,"

(It is not necessary to retain ownership) he had said during the interaction.

The entire Vedanta Group has been in the spotlight recently as four of its entities, Vedanta Aluminium, Vedanta Iron & Steel, Vedanta Oil & Gas, and Vedanta Power listed on the bourses last week. All of these stocks are still trading within the trade-for-trade (T2T) segment.

Shares of Vedanta are now trading 6.6% lower on Tuesday at ₹285.75. The stock is still down 14% over the last one month.