Vedanta stock falls over 6% from 52-week high, here's why

Vedanta shares fell over 6 per cent today after French financial services firm Societe Generale sold shares in the company via open market transactions. Vedanta stock slipped 6.39 per cent to Rs 370.55 against the previous close of Rs 395.85 on BSE.

Market cap of the firm fell to Rs 1.37 lakh crore on BSE. Later, the share closed 5.58 per cent or Rs 22 lower at Rs 373.75.  The share has now declined 6.78 per cent from its 52-week high. The stock hit a 52-week high of Rs 400.95 on March 3, 2022 and touched a 52-week low of Rs 209.80 on April 12, 2021.

The large cap share stands higher than the 5-day, 20-day, 50-day, 100-day and 200-day moving averages.

The stock has gained 9.87 per cent since the beginning of this year and risen 75.69 per cent in one year. Total 7.73 lakh shares of the firm changed hands amounting to a turnover of Rs 29.95 crore on BSE.  

Also read: Vedanta stock hits 52-week high after board clears third interim dividend

Societe Generale on March 3 offloaded 2.24 crore shares amounting to 0.6 percent stake in the metal major Vedanta at an average price of Rs 391.74. The transaction amounted to nearly Rs 880 crore. Bengal Finance and Investment Pvt Ltd, Nippon India Mutual Fund and PGIM India Mutual Fund were among the buyers in the transaction.

Ten promoters held 69.69 per cent stake in the firm and 7.15 lakh public shareholders owned 30.06 per cent for the quarter ended December 2021.

Of these, 6,90,492 public shareholders held 6.11 per cent stake with capital up to Rs 2 lakh. 502 foreign portfolio investors (FPIs) held 8.67 per cent stake or 32.22 crore shares in Q3 of the current fiscal. Thirty financial institutions/banks held 3.07 lakh shares in Q3 of the current fiscal. Twenty nine mutual funds owned 1.17 per cent stake or 4.36 crore shares at the end of last quarter.

Share Market updates: Sensex falls 768 points, Nifty ends below 16,250; Titan, Asian Paints, Maruti top losers

Vedanta shares hit a 52-week high on March 3 after the firm's board approved a third interim dividend of Rs 13 per equity share. The dividend on a face value of Re 1 per share for the current financial year 2021-2022, amounts to Rs 4,832 crore.

The board of the Anil Agarwal-led firm said the record date for the purpose of payment of dividend is Thursday, March 10, 2022.