Vedanta Shares Rise 4% as Company Appeals Supreme Court Decision

Mining firm Vedanta Limited has experienced a notable surge in its share price, rising 4% to ₹666 per share on the National Stock Exchange. This increase came in the wake of the company's decision to challenge the insolvency resolution plan put forth by Adani Enterprises for Jaiprakash Associates Limited (JAL).

Vedanta's chairman, Anil Agarwal, stated that the firm had initially received confirmation that it was the highest bidder for the assets of JAL, which is part of the financially troubled Jaypee Group. However, this decision was later reversed. He expressed his disappointment through a social media post, claiming that the bidding process had been transparent when it was announced that Vedanta was awarded the bid. Despite this, Agarwal pointed out that the situation became more complicated when the outcome changed without explanation.

Gautam Adani's group was the sole competitor to Vedanta in the bidding. Following the evaluation of bids by the Committee of Creditors (CoC), the matter went to the National Company Law Tribunal (NCLT), which subsequently approved Adani's bid for JAL. This decision was contested by Vedanta, which has now escalated the case to the National Company Law Appellate Tribunal (NCLAT).

The NCLAT, during a hearing last week, declined to issue a stay on the NCLT's order, indicating that the dispute would require thorough examination in future sessions. Agarwal refrained from providing further details on why Vedanta's bid was overturned, stating that such matters should be left to legal proceedings. He emphasised that commitments should be in accordance with moral principles, drawing inspiration from the Bhagavad Gita.

Jaiprakash Associates has faced severe financial difficulties, leading to its admission to insolvency in June 2024 after defaulting on loans totalling over ₹57,000 crore. The oversight of the insolvency proceedings has led to the largest financial creditors, comprising major banks and homebuyers, participating in the decision-making process.

On March 24, the NCLAT rejected Vedanta's request for interim relief against the approval of the Adani bid, stating that the underlying issues would be addressed later. The appellate tribunal has solicited a response from the CoC within a week and has scheduled the next hearing for April 10.

Vedanta's stock performance over the past month reflects a decline of 9%, yet the company has seen a 10% increase in share value since the start of the year. The stock's performance peaked at ₹769.8 per share on January 29, 2026, while it reached a low of ₹363 on April 7, 2025. The current market capitalisation of Vedanta stands at ₹2.57 lakh crore, according to the latest data from the National Stock Exchange.