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Why Vedanta Dropped 11% Today

TheMotleyFool

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Shares of Vedanta Limited (NYSE: VEDL) are down 11% today as of 12:45 p.m. EDT after the company announced over the weekend that its delisting plan failed to receive enough shareholder support.

The company's parent organization, India-based Vedanta Resources Limited, was trying to take its subsidiary private to speed up a process of "corporate simplification" it has pursued over several years.

The voluntary delisting needed shareholders to tender at least 1.35 billion shares for it to succeed, but the company announced it only received 1.25 billion tender offers.

Source Fool.com

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