Vedanta shares tank on delisting uncertainty; shareholders told to bid up

Promoter group wants an exit price of less than Rs 170 per share, but large institutional shareholders are keen on getting more

Shares of commodity major Vedanta dropped as much as 15 per cent on Wednesday on concerns that the delisting attempt may fall through. After dropping to an intra-day low of Rs 117.6, the stock ended at Rs 122.4, down 11.3 per cent on the NSE, where Rs 1,365 crore worth of shares changed hands on the counter.

Market players witnessed huge selling pressure amid reports of disagreement over the exit price for delisting between the promoter Vedanta Resources and some large investors, including Life Insurance Corporation of India which holds 6.4 per cent stake.

People in the know said that the promoter