Vedanta shares rise as it challenges Adani Group bid
Business
Vedanta's stock jumped over 4% to ₹718.80 on Tuesday, right before a crucial NCLAT hearing set for April 10.
The company is challenging the plan for Jaiprakash Associates Limited (JAL) after the Supreme Court allowed Adani Group's ₹14,535 crore bid to move forward but said no major decisions can be made without court approval.
Vedanta claims better returns than Adani
Vedanta says its own ₹17,926 crore offer would give creditors better returns than Adani's.
While Vedanta was once the top bidder, most creditors (89%) backed Adani for its bigger upfront payment and faster process.
Now, with the Supreme Court urging a speedy resolution, all eyes are on NCLAT's next move.