Synopsis: Vedanta Group’s four newly created entities began trading on Indian stock exchanges on Monday, marking the culmination of a demerger process that was first announced in September 2023.
Dalal Street witnessed a landmark moment on Monday as four newly carved-out entities from one of India’s largest diversified natural resources conglomerates made their stock market debut. The listing marks the culmination of a restructuring journey that took nearly three years to complete – from boardroom announcement to courtroom approval to trading screens – reshaping how investors will engage with the group going forward.
A Mixed Opening
Vedanta Aluminium Metal made the strongest debut among the four, listing at ₹527 on the BSE and ₹522 on the NSE – well above analyst expectations of ₹400-plus per share. The stock touched an intra-day high of ₹538 before being locked in a 5 per cent lower circuit at ₹500.65 by 10:14 AM. A combined 1.325 crore equity shares changed hands on the NSE and BSE.
Vedanta Power opened at ₹41.30 and was trading around 4 per cent higher at ₹42.80, hitting an intra-day high of ₹43.35 before dipping to a low of ₹39.25.
Vedanta Oil & Gas opened at ₹39 per share but was locked in a 5 per cent lower circuit at ₹37.05, after touching a high of ₹40.95 during the session.
Vedanta Iron & Steel quoted at ₹21.05 on the BSE, down 5.4 per cent from its opening price of ₹22.25. The stock hit an intra-day low of ₹19.60.
All four newly listed entities are currently trading under the ‘T’ group – the Trade-to-Trade segment – for 10 trading days from listing, as per a BSE notification dated June 12. Under this segment, intraday trading is not permitted and all transactions must result in compulsory delivery.
Combined Market Cap Rises Post-Demerger
The combined market capitalization of all five entities, including the residual Vedanta, stood at ₹3.55 lakh crore at the time of trading, compared to Vedanta’s pre-demerger market cap of ₹3.02 lakh crore.
What Each Entity Holds
Vedanta Aluminium Metal operates the group’s aluminium smelter plants at Jharsuguda and BALCO, the Lanjigarh alumina refinery, and captive coal and bauxite mines. It holds a 51 per cent stake in BALCO. Vedanta Power operates thermal power plants with a combined capacity across Talwandi Sabo, Jharsuguda IPP, Meenakshi, and Atena.
Vedanta Oil & Gas houses Cairn Oil & Gas, India’s largest private crude oil producer, contributing around 25 per cent of the country’s total oil and gas output. Vedanta Iron & Steel oversees iron ore operations across Karnataka, Goa, and Odisha, along with the ESL steel business and international assets in Liberia. The residual Vedanta entity retains Zinc India (Hindustan Zinc), Zinc International, Copper, and ferro chrome businesses.
Background
The demerger plan was first announced in September 2023, with the National Company Law Tribunal granting approval in December 2024. Under the 1:1 scheme, shareholders received one share of each demerged company for every share held in the listed Vedanta. May 1, 2026 was set as the record date for the demerger.
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