Shares of the multinational mining company Vedanta tanked nearly 12 per cent to their fresh 52-week low today after the firm invited expression of Interest (EoI) for its Tuticorin-based smelter, which has been shut since mid-2018, following a Tamil Nadu government order.
The last day to submit EoI is July 4, and the bids have been invited in conjunction with Axis Capital. Vedanta shares fell 11.72 per cent to Rs 232.75 against the previous close of Rs 263.65 on BSE.
The market cap of the firm fell to Rs 86,517 crore on BSE. The stock hit a 52-week high of Rs 440.75 on April 11, 2022. The large cap share is trading lower than the 5-day, 20-day, 50-day, 100-day and 200-day moving averages.
The stock has lost 31.69 per cent since the beginning of this year and fallen 7.48 per cent in one year.
Total 10.48 lakh shares of the firm changed hands amounting to a turnover of Rs 25.21 crore on BSE.
Ten promoters held 69.69 per cent stake in the firm and 7.43 lakh public shareholders owned 30.08 per cent for the quarter ended March 2022.
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Of these, 7,18,012 public shareholders held 5.94 per cent stake with capital up to Rs 2 lakh. 27 foreign portfolio investors (FPIs) held 0.44 per cent stake or 16315134 shares in Q4 of the last fiscal.
Thirty financial institutions/banks held 2.67 lakh shares in Q4. Thirty mutual funds owned 1.93 per cent stake or 7.16 crore shares at the end of last quarter.
The Anil Agarwal-led mining major reported about 5 per cent fall in its consolidated profit after tax (PAT) at Rs 7,261 crore in the March 2022 quarter on account of higher expenses. PAT stood at Rs 7,629 crore in the same quarter of 2020-21.
However, during the January-March period, the company’s “PAT before exceptional item and one-time tax credit” increased 48 per cent to Rs 7,570 crore against Rs 5,105 crore in the year-ago period.
Revenue from operations in Q4 rose to Rs 39,342 crore from Rs 27,874 crore a year ago. Vedanta’s expenses stood at Rs 29,901 crore in the quarter against Rs 22,549 crore in the year-ago period.