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On the first day after the re-jig of the Vedanta Resources group companies was announced, the three primary players in the game sent different signals in the market today with two shares gaining while the other shedding significant value.
Sterlite Industries, which is to be merged with Sesa Goa and whose merger ratio of 5:3 was considered to be favourable to it, made marginal gains, up by Rs 1.65 at Rs 120.25 on the NSE. Cairn India, in which Sesa Goa already holds 20 per cent stake and which is to be brought under the fold of Sesa Goa, gained Rs 4.75 at Rs 386.10.
But Sesa Goa lost Rs 16.20 or 7.15 per cent to trade at Rs 210.50, probably because of the perception that the merger ratio announced when the stock was quoting at about Rs 227 was not in favour of its shareholders. In fact, the stock has shed about 10 per cent in the past two trading days and the current price appears to be in alignment with the merger ratio proposed.
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