Vedanta may have a couple more tranches of promoter-driven selling; stock likely to bounce back in 1-2 weeks: Ambareesh Baliga (opens original article in a new tab)

Vedanta shares fell over 8% after a major block deal by promoter Twin Star Holdings, but analysts predict a rebound in 1-2 weeks despite possible additional selling, as the company's fundamentals remain strong and debt reduction efforts continue.

• Vedanta shares dropped over 8% due to a large block deal by promoter entity Twin Star Holdings
• Analysts expect the stock to rebound in 1-2 weeks despite potential additional promoter selling tranches
• Vedanta's operational fundamentals remain strong with ongoing capacity expansions and commodity price benefits
• Market strategist Ambareesh Baliga also commented on defence, textiles, and auto sectors with mixed outlooks
• Promoter selling aims to reduce Vedanta's net debt from $9.7 billion in FY22 to $3 billion by 2027