Shares of Hindustan Zinc fall 6% on Vedanta's decision to sell a stake.
The NSE saw the opening price of Hindustan Zinc shares today at ₹530, and they fell as low as ₹527.10 during the day.
Market for stocks today: Early Friday am trading saw heavy selling pressure on Hindustan Zinc shares. Within minutes of the opening bell, the share price of Hindustan Zinc on the NSE struck an intraday low of ₹527.10, with a downside gap of ₹530 per share. Nonetheless, purchasing was seen in Hindustan Zinc shares at cheaper prices, which allowed the metal company to reduce its early morning losses. The price of a share of Hindustan Zinc is at approximately ₹539.50, which is still approximately 6% less than the closing price of ₹571.75 per share.
Setting off a sale of Hindustan Zinc shares
Following the announcement by its patent firm Vedanta on August 14, 2024, after market hours, that it had chosen to sell a 2.60 percent investment in Hindustan Zinc, the market was expected to respond to the shares of the company.
Vedanta informed Indian stock market exchanges about the decision saying, “We wish to inform you that the duly authorized Committee of Directors of Vedanta Limited (“Committee”), at its meeting held today on August 13, 2024, has approved the sale of upto 11,00,00,000 equity shares of Hindustan Zinc Limited (“HZL”), representing 2.60% of the issued and paid-up equity share capital of HZL, by way of an offer for sale through the stock exchange mechanism, by applicable laws and the circulars issued by the Securities and Exchange Board of India and the stock exchanges.”
The Committee met for the first time at 4:30 PM and ended at 4:45 PM.
Vedanta’s stock price increases
On Friday, nevertheless, there was modest buying interest in Vedanta shares. In comparison to its previous close of ₹420.20 a share, the company’s shares saw a 2.50 percent increase as they opened with an upside gap on the NSE at ₹426 apiece and reached an intraday high of ₹430.25 apiece. Shares of Vedanta are still trading in the green.
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