Vedanta Iron and Steel, Vedanta Aluminium, 2 other stocks drop up to 5%. What’s spooking investors?

Shares of all four recently-listed Vedanta stocks tumbled up to 5% on Tuesday morning, extending losses and wiping off some of the gains recorded during the sharp rally seen after their listings that concluded the mega Vedanta demerger in June.

While analysts screamed ‘Buy’ on Vedanta Aluminium shares after the debut, the smallcap counter of Vedanta Iron and Steel quietly began to surge. The sharp rally in Vedanta Iron and Steel shares intensified after Azim Premji-backed Premji Invest’s PI Opportunities AIF V LLP bought shares worth Rs 102 crore after the stock’s market debut. PI Opportunities AIF V LLP, an investment arm of Premji Invest, which is owned by Indian billionaire businessman and Wipro Chairman Azim Premji, bought nearly 4.84 crore shares worth Rs 101.68 crore at Rs 21.02 apiece through a bulk deal.