Vedanta's failed delisting bid comes under Sebi's scanner; stock falls 20%

Regulator to probe various aspects of failed deal, including placement of 120 mn unconfirmed bids

Various aspects of Vedanta’s failed delisting bid have come under the Securities and Exchange Board of India’s (Sebi’s) scanner.

The volatility in the stock price on Friday after the management hinted at a counter offer, placement of 120 million unconfirmed bids, and tendering price of mutual funds (MFs) are some areas that the markets regulator might take a look at, said people in the know.

Shares of Vedanta plunged 21 per cent on Monday after the company announced that the delisting attempt by London-based promoter Vedanta Resources had been “deemed failed”.

Reverse book building (RBB) for Vedanta closed on Friday. Stock exchange data