Hindustan Zinc to acquire Vedanta's international zinc biz; stock slides 9%

The company's board approved the acquisition of Zinc International business for a cash consideration not exceeding $ 2,981 million

Shares of Hindustan Zinc (HZL) dipped 9 per cent to Rs 342.20 on the BSE in Friday's intra-day trade as investors booked profit at the counter after the company announced the acquisition of Zinc International business from Vedanta for a cash consideration not exceeding $ 2,981 million. The acquisition will help HZL ramp up from 1.2 metric tonne (MT) capacity to over 2 MT capacity, while giving access to countries in Africa, Europe, and North America.

The stock price of HZL had hit a 52-week high of Rs 383