Swelling Inventories Drag Vedanta By 5%

The stock of Vedanta Ltd fell sharply by 5% in the morning hours of the market. The stock is trading down 4.6% at Rs 221.55 per share at 10:34 AM IST on BSE.

The stock hit a high of Rs 232 and a low of Rs 220.55 so far.

According to analysts, India imports majority of raw material required for the metal industry from China. The iron ore and copper stocks in china are being maintained at record high level which would increase the supply of raw material for the metal industry. Also, the US industry output and GDP numbers came lower than expected which may have acted as a trigger for the metal stock to fall.

Vedanta Limited is a natural resource company engaged in the business of manufacturing copper and copper products and aluminium products.

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