Vedanta Power, Aluminium, Oil & Gas or Iron & Steel: Which demerged stock has gained most since listing?

Shares of Vedanta Group's demerged companies have delivered a mixed performance since their stock market debut on June 15, with Vedanta Iron & Steel emerging as the best-performing entity while Vedanta Oil & Gas has recorded the steepest decline.

The demerger has created five separately listed entities under the Vedanta Group, allowing investors to take exposure to individual businesses across metals, mining, power and energy segments.

Vedanta Iron & Steel tops post-listing gains

Among the newly listed entities, Vedanta Iron & Steel has emerged as the strongest performer since listing. The stock, which debuted at Rs 20 per share on the NSE on June 15, was trading at Rs 23.21 on Wednesday, reflecting a gain of 16.1 per cent from its listing price.

Vedanta Power was quoted at Rs 42, marginally above its NSE listing price of Rs 41.80, translating into a gain of 0.5 per cent.

In contrast, Vedanta Aluminium Metal was trading at Rs 478 against its listing price of Rs 522, down 8.4 per cent. Vedanta Oil & Gas declined 14.2 per cent to Rs 32.59 from its listing price of Rs 38, making it the weakest performer among the demerged entities so far.

Meanwhile, shares of Vedanta Ltd were trading at Rs 304.65, up 1.6 per cent during Wednesday's session.

Aluminium business becomes most valuable entity

Vedanta Aluminium Metal has emerged as the largest company within the group by market capitalisation. The company commanded a market value of Rs 1.88 lakh crore, making it the most valuable among the newly listed entities and larger than parent Vedanta Ltd, whose market capitalisation stood at Rs 1.19 lakh crore.

Vedanta Power had a market capitalisation of Rs 16,423.63 crore, while Vedanta Oil & Gas was valued at Rs 12,743.95 crore.

Vedanta Iron & Steel, despite being the best-performing stock since listing, remained the smallest among the demerged entities by market value at Rs 9,076.01 crore.

Combined market value crosses Rs 3.4 lakh crore

The combined market capitalisation of Vedanta Ltd and its four demerged companies stood at around Rs 3.45 lakh crore. The demerger has resulted in the creation of separate listed entities focused on distinct business segments, including aluminium, iron and steel, oil and gas, and power.

Market participants are closely tracking the performance of these businesses as investors reassess valuations based on their standalone operations and sector-specific growth prospects.

Why did Vedanta demerge its businesses

The Anil Agarwal-led Vedanta Group undertook the demerger to unlock value for shareholders by creating independent companies focused on individual businesses.

Under the new structure, each company will be able to pursue its own growth strategy, raise capital independently and focus on sector-specific opportunities.

The move is also expected to provide investors with greater flexibility by allowing them to invest directly in businesses of their choice rather than through a diversified holding structure.

The group has said the restructuring is aimed at improving operational focus and enabling each business to achieve its full potential as an independent entity.

MSCI to remove Vedanta from key indices

In a separate development, global index provider MSCI has announced that Vedanta Ltd will be removed from its Global Standard Indexes following the completion of the demerger.

According to an announcement made on June 16, Vedanta will be removed from the MSCI Standard and Large Cap indices with effect from June 22, 2026.

The index provider's decision follows the restructuring of the mining and natural resources group into five separate companies led by the flagship listed entity, Vedanta Ltd.

The market will closely monitor the impact of the index exclusion as well as the trading performance of the newly listed entities in the coming weeks.