Lost mettle! VAML, Vedanta, Nalco sink up to 6% as metal index drops 3%
Vedanta moved lower.
· Business Standard Mkts
The latest decline has dragged the Nifty Metal index down around 6.3 per cent over the past four trading sessions, compared with a 3 per cent fall in the benchmark Nifty 50 index in the same period.
The analysis
Vedanta reported movement of 6%, 3% and 6.3%. Those are the figures as filed — what moves the price is how they sit against what the market already expected, not their absolute size.
Against that, the stock is -3.6% on the day at ₹226.50, and has returned -10.5% over three months. It sits 71% below its 52-week high, which means a good deal of bad news was already in the price. The metals & mining sector has moved -6.9% over the same period, so Vedanta is running 3.6 points behind its peers.
For Vedanta, the question is how much of this is already reflected in the price and how much re-rates the metals & mining peer set alongside it.
Market context
- The company directly in focus is VEDL.
- Sector exposure: Metals & Mining.
- The immediate tone of coverage reads negative.
In this story
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