Vedanta Aluminium falls 14% in 3 days wiping out 29,000cr
Business
Vedanta Aluminium, known as the "crown jewel" of Vedanta Group, saw its shares drop 14% in just three days since listing on Monday.
The stock hit its lower limit for three days straight and closed at ₹447.56 on Wednesday, wiping out over ₹29,000 crore from its market value.
Iran US deal eases aluminum flow
The big reason: global aluminum prices slid after a peace deal between Iran and the US made Middle East supply chains smoother.
With more aluminum flowing through key routes like the Strait of Hormuz, prices dropped, and so did Vedanta Aluminium's market cap, falling from over ₹2 lakh crore to about ₹1.75 lakh crore since launch.