Hindustan Zinc's shares have plunged by 21% over four days following promoter Vedanta's decision to offload a 3.17% stake via an offer-for-sale (OFS) from August 16-19.
Vedanta, which holds a 64.92% stake in Hindustan Zinc, set the OFS floor price at ₹486 per share, close to the current trading price. The sale, valued at around ₹6,000 crore, includes a base sale of 1.22% with an additional 1.95% stake available if oversubscribed. The stock continued its decline, trading at ₹494.70 on August 19.