Anil Aggarwal
These days Bihar is in a lot of discussion. Congress and RJD leaders took out a front against the current government of Bihar. On the other hand, America’s short -selling company put a shocking report against Bihar’s richest businessman Anil Aggarwal’s company Vedanta Limited. Due to which the shares of two companies of Vedanta Group crashed and the joint market cap of both the companies lost more than 10 thousand crore rupees.
Till the stock market was closed, the shares of both companies Vedanta Limited and Hindustan Zinc have seen a decline between 2.50 per cent and 3.50 per cent. Let us also tell you what kind of story the figures of the two companies are telling after the arrival of this report?
Hindustan Zinc and Vedanta Limited declines in shares
Hindustan Zinc Limited, one of the big companies of Vedanta Group, has seen a big decline. See the data, after the stock market was closed, the company’s shares on BSE fell by 2.56 per cent to Rs 425.05. However, during the business session, the company’s stock also reached the lower level of the day with Rs 415.30. However, on Tuesday, the company’s stock appeared at Rs 436.20.
On the other hand, Vedanta Limited’s shares have seen a big decline. According to the data, the BSE stock closed at Rs 440.80 with a decline of 3.38 per cent. Whereas during the business session, the company’s stock closed Rs 421. Whereas on Wednesday, the company’s stock was opened with a slight increase in Rs 461. Whereas a day before the company’s stock closed 456.20 rupees.
Big decline in valuation of both companies
There has also been a decrease in valuations after a major decline in shares of both companies in the stock market. Earlier, talking about Hindustan Zinc, the company’s valuation was seen to be Rs 1,84,308.41 crore on Tuesday, after the market closed on Wednesday, it came to Rs 1,79,723.94 crore. This means that the company’s valuation suffered a loss of Rs 4,584.47 crore on Wednesday.
On the other hand, the valuation of Vedanta Limited was seen at Rs 1,78,391.90 crore on Tuesday, which came to Rs 1,72,369.91 crore by the closure of the market on Wednesday. This means that there was a loss of Rs 6,021.99 crore in the company’s valuation. If we look at the joint valuation loss of both companies, then a total of 10,606.46 crore is being seen.
Vedanta accused from America
A report released by American short -selling company Viceroy Research on Wednesday accused Vedanta, a mining group led by billionaire Anil Aggarwal, of financially unstable and creating serious risk for creditors. Vedanta, describing all these allegations as selected misleading information and baseless, said that the motive behind it is to defame the group.
Viceroy Research has said in its report that it is betting on the price of the loan bond of Vedanta Resources, the original company of Vedanta Limited and the multiplicity of Vedanta Resources. Bond’s ‘short selling’ is also called ‘short -selling’ of Bond when it falls ahead of the price of the loan segment. This is a strategy of stock trading where investors try to make profit from the fall in the price of bonds or other debt means.