Stocks

Vedanta slumps 20% on worries about Cairn India investment

Reuters Bengaluru | Updated on February 01, 2019 Published on February 01, 2019

Shares of miner Vedanta Ltd slumped about 20 percent on Friday to a 30-month low in heavy trade, on concerns about one of its transactions in the third quarter.

More than 45 million shares changed hands in the 30 minutes of trading, making them the most heavily traded stock on the NSE index.

Vedanta said on Thursday its foreign unit Cairn India Holdings Ltd had paid a part sum of $200 million to buy a stake in Anglo American PLC from Volcan Investments Ltd.

Published on February 01, 2019
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