Vedanta shares down nearly 4%; m-cap drops by Rs 2,880 cr

Shares of Vedanta fell by nearly 4 per cent today after promoter Anil Agarwal unveiled his plan to delist his flagship Vedanta Resources Plc from the London Stock Exchange.

The stock went down by 3.25 per cent to settle at Rs 230.95 on BSE. During the day, it sank 3.56 per cent to Rs 230.20.

At NSE, shares of the company declined 3.68 per cent to close at Rs 231.

The company's market valuation slumped Rs 2,880.34 crore to Rs 85,848.66 crore.

The stock was the worst hit among the blue-chips on both the key indices in today's session.

In terms of equity volume, 10.43 lakh shares of the company were traded on BSE and over 1 crore shares changed hands at NSE during the day.

Mining mogul Anil Agarwal plans to delist his flagship firm Vedanta Resources Plc from the London Stock Exchange after buying out 33.5 per cent of non-promoter shareholders for about USD 1 billion.

The company no longer sees the London listing as necessary to access capital and the deal will simplify Vedanta's corporate structure, a company statement said.