Vedanta Shares Fall After SEBI Orders Rs 78-Crore Payout To Cairn
The market regulator has given the company 45 days to make the payment.
Shares of Vedanta Ltd. fell to near two-week low on Wednesday after the Securities Exchange Board of India ordered it to pay Rs 77.62 crore to Cairn UK Holdings Ltd. along with interest for delayed dividend payment.
The market regulator has given the company 45 days to make the payment, according to an exchange filing.
Shares of the company fell 3.40% to Rs 261.10 apiece, the lowest level since Feb 29. It was trading 2.33% lower at Rs 264.05 apiece as of 10:14 a.m. This compares to a 0.14% decline in the NSE Nifty 50 Index.
The stock has declined 6.35% in past 12 months. Total traded volume so far in the day stood at 0.3 times its 30-day average. The relative strength index was at 40.66.
Out of 13 analysts tracking the company, seven maintain a 'buy' rating, three recommend a 'hold,' and three suggest a 'sell', according to Bloomberg data. The average 12-month consensus price target implies an upside of 13.1%.
