Vedanta's demerger report card: Vedanta Iron to Vedanta Power - Who gained, who lagged since listing? Check real winner

Against that, the stock is -2.8% on the day at ₹254.15, and has returned -5.8% over three months. It sits 68% below its 52-week high, which means a good deal of bad news was already in the price. The power sector has moved -13.4% over the same period, so Vedanta is running 7.6 points ahead of its peers.

For Vedanta, the question is how much of this is already reflected in the price and how much re-rates the power peer set alongside it.