Vedanta Oil and Gas share price hits 5% lower circuit for 2nd straight session after listing

Vedanta Oil and Gas shares hit a lower circuit of 5% on Tuesday, June 16, a day after listing on the stock exchanges.

The stock was trading at ₹34.30, down 5%, on the National Stock Exchange (NSE). It has a market capitalisation of ₹13,412.63 crore.

The scrip debuted at ₹38 apiece on Monday and declined 5% to end Day 1 at ₹36.10.

Its producing assets span key hydrocarbon basins in Andhra Pradesh, Gujarat, Assam and Rajasthan, backed by technology-led exploration, world-class engineering capabilities and advanced subsurface expertise.

Here's how other demerged entities of the Vedanta group are performing

Vedanta Iron and Steel shares hit 5% upper circuit at ₹22.11 apiece on the NSE on Tuesday. Vedanta Power stock is up 1.86% to ₹41.70 per unit.

On the other hand, Vedanta Aluminium Metal shares were trading at ₹471.11, down 5%.

Alongside these newly listed firms, Vedanta continues as the group's flagship listed entity. It was down 2% to ₹296.30 per share.

Vedanta Chairman Anil Agarwal on Monday said each vertical of the company has the potential to become a $100 billion opportunity.

Regarding the oil and gas business, Agarwal said the firm has mapped reserves that could materially increase production through deeper exploration.

"We have 5,00,000 barrels in three years' time. We have seen, we have mapped up our resources. We have resources which can produce 5,00,000 barrels or more," he said.

Vedanta's demerger got a thumbs-up from the National Company Law Tribunal (NCLT) in December last year. Under the 1:1 approved demerger scheme, shareholders will get one share of each demerged company for every one share held in the currently listed Vedanta Ltd.