Vedanta stock slips over dip in commodity prices despite in-line Q2 show

Soft prices of commodities including metals is weighing on investor sentiment

Metals and mining resources player Vedanta declared results that were more or less in line with expectations. However, given the fall in commodity prices the results were considered disappointing by most investors and the stock was sold down.

The consolidated net sales stood at Rs 36,600 crore (YoY up 21 per cent but down 5 per cent QoQ). This was due to higher sales volume, as well hedging gains, and foreign exchange gains, despite lower commodity prices. The consolidated EBITDA was Rs 7,700 crore, down 26 per cent YoY and down 24 per cent QoQ. Aluminium was the worst performer