India's Hindustan Zinc falls 6% after Vedanta sells stake in $350 million block deal

Hindustan Zinc

18/06/2025 07:03

Updates, changes sourcing

** Hindustan Zinc stock HZNC.NS down 6% at 457 rupees, its biggest intraday pct drop since April 4

** Parent Vedanta Ltd VDAN.NS sold a 1.6% stake in miner HZNC via a $350 million block deal at floor price of 452.50, according to a term sheet

** VDAN currently holds a little over 63% stake in HZNC
** Floor price at a 7% discount to last close
** Vedanta did not immediately respond to Reuters' request for a comment
** HZNC is top pct loser on Nifty mid-cap index .NIFMDCP100, which is down 0.3%; VDAN shares fall 0.8%

** About 120.9 mln shares change hands, 27.3x the 30-day avg
** YTD - HZNC up ~3%; Nifty mid-cap index up 2%

 (Reporting by Sethuraman NR and Manvi Pant in Bengaluru)

 ((Sethuraman.NR@thomsonreuters.com; (+91 9945291420); Reuters Messaging: nallur.sethuraman.thomsonreuters.com@reuters.net ))