Vedanta, BHEL, Grasim, Power Grid, Reliance Power hit 52-week low
Shares of Vedanta, Bharat Heavy Electricals (BHEL), Grasim Industries, Power Grid Corporation, Reliance Power, Tata Motors, NMDC and Rural Electrification Corporation (REC) were among 22 stocks from the S&P BSE 500 index that hit their respective 52-week low on the BSE in intra-day trade on Thursday.
Essel Propack, Great Eastern Shipping, Greenply Industries, Kajaria Ceramics, Kwality, Mangalore Refinery and Petrochemicals (MRPL), Rajesh Exports and Somany Ceramics, too, hit 52-week low today.
Shares of Vedanta hit a fresh 52-week low at Rs 221, down 3%, extending its past two days 5% decline on the BSE, after the Vedanta Resources Plc, the principal holding Company, announcement on Monday that it would delist from the London Stock Exchange (LSE).
Agarwal's Volcan Investments, which currently holds 66.53% of Vedanta, made a cash offer for 825 pence a share.
Vedanta Resources in a statement said it will recommend acceptance of the offer by the shareholders, who would also be entitled to a previously announced dividend of $0.41 per share. The company no longer sees the London listing as necessary to access capital and the deal will simplify Vedanta's corporate structure, it said.
Shares of Tata Motors hit an over five-year low of Rs 253 per share, down 5% in intra-day trade, after the CEO of company owned Jaguar Land Rover (JLR), Britain’s biggest carmaker, reportedly warned that a hard Brexit would cost 1.2 billion pounds a year. The stock was trading at its lowest level since April 8, 2013 on the BSE.
Shares of Kwality hit an over four-year low, locking in the lower circuit for the third straight day, down 5% at Rs 19.65 on the BSE, after the company on Tuesday said its board has deferred the proposed share buyback and bonus issue. The stock of dairy products company was trading at its lowest level since October 8, 2013.