Shares of Vedanta Ltd. tumbled over 5% on Thursday to the lowest level in three days, a day after the company sought shareholders' approval to raise Rs 8,500 crore through issuance of securities.
The e-voting for the postal ballot will started at 9:00 a.m. on Thursday, and will end at 5:00 p.m. on June 21, the filing said.
Vedanta Ltd. shares fell 5.17% intraday, the lowest level since May 18. They pared loss to trade 4.14% lower at 11:41 a.m. This compares to a 0.57% advance in the NSE Nifty 50.
The stock has risen 61.99% in 12 months, and 80.82% year-to-date. Total traded volume so far in the day stood at 1.3 times its 30-day average. The relative strength index was at 69.12.
Of the 13 analysts tracking the company, seven maintain a 'buy' rating, four recommend a 'hold,' and two suggest 'sell', according to Bloomberg data. The average 12-month analysts' price target implies a downside of 14.2%.
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