In the late afternoon session, scrip was trading at 20.61 pounds, down 5.50 percent on the LSE. Vedanta opened on a positive note, but soon slipped into the red.
The broader market was also weak, with the benchmark FTSE 100 trading at 5,248.95, down 0.32 percent in the late afternoon session.
On the other hand, Cairn Energy Plc rose 1.41 percent to trade at £4.59 on the LSE.
Also in India, Vedanta Group’s Sterlite Industries closed up more than 4 percent to close at Rs 160.70 on the Bombay Stock Exchange. Sterlite was the biggest loser in the Sensex pack today.
In contrast, Cairn Energy Plc’s Indian arm, Cairn India, rose more than 5 percent to hit an all-time high of Rs 358 on the BSE. The scrip ended with a gain of 355.45, an increase of 4.36 percent.
Vedanta Resources Plc is in talks to acquire a majority 51 percent stake in Corn India for $8-8.5 billion (around Rs 40,000 crore) and a deal is expected to be announced on Sunday or Monday evening. Two people familiar with the development said a 20 percent premium was being sought to pass for a controlling stake.
Agarwal “is meeting Cairn Energy Plc CEO Bill Gammell in London today and the deal is likely to be announced on Sunday evening or Monday.”
The deal will be subject to government approval, as three of Cairn’s oil and gas producing assets, including large areas in Rajasthan, and seven exploration blocks either have clear provisions to seek prior approval before the transfer of interest or pre-concession, or right of first refusal, such as being sold to ONGC shareholders.
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