Due to uncertainty around the Anil Agarwal-backed mining company's participation in the 1.54 lakh crore semiconductor plant project, Vedanta shares fell by close to 9% on Friday. The large-cap stock lost six straight days of gains and plunged the most in almost three months. Additionally, the market's widespread selling pressure made Vedanta's performance much worse. In the previous four trading days, Vedanta shares increased by about 18%. Vedanta shares on the BSE fell by 23.50, or 7.48%, to close at 290.60 apiece. The shares have dropped to an intraday low of INR 287 per share, representing an overall 8.6% decline from the previous day. Currently, it is valued at the market at about INR 1,08,021.73 crore.

Anil Agarwal, the chairman of Vedanta, announced this week the largest investment of 1.54 lakh crore for Gujarat to build the nation's first semiconductor chip facility. This resulted in significant stock market buying, which caused Vedanta to increase this week by almost 18%. However, Vedanta shares pulled back and fell by at least almost 9% on BSE on the final trading day of the current week when the business announced that the semiconductor plant project was outside of their purview and would instead be handled by Volcan Investments.

The Gujarat government and Vedanta inked two Memorandums of Understanding (MoUs) this week to establish a semiconductor fabrication unit, a display fabrication unit, and an assembling and testing unit for semiconductors in the Ahmedabad area of the state. Vedanta will partner with Foxconn, a global Taiwanese electronics contract manufacturer, to establish the plant. Up to 60% of the JV will be owned by Vedanta, and Foxconn would own the other 40%.

Key Points

• Due to uncertainty around the Anil Agarwal-backed mining company's participation in the 1.54 lakh crore semiconductor plant project, Vedanta shares fell by close to 9% on Friday.

• Anil Agarwal, the chairman of Vedanta, announced this week the largest investment of 1.54 lakh crore for Gujarat to build the nation's first semiconductor chip facility. This resulted in significant stock market buying, which caused Vedanta to increase this week by almost 18%. However, Vedanta shares pulled back and fell by at least almost 9% on BSE on the final trading day of the current week when the business announced that the semiconductor plant project was outside of their purview and would instead be handled by Volcan Investments.

• Vedanta will partner with Foxconn, a global Taiwanese electronics contract manufacturer, to establish the plant. Up to 60% of the JV will be owned by Vedanta, and Foxconn would own the other 40%.

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