Vedanta

Index deletion typically triggers passive selling from funds that track the benchmark, a near-term overhang. The four demerged units, in aluminium, power, oil and gas, and iron and steel, listed on the exchanges earlier this week.

The plan follows rating upgrades from S&P and Moody's and targets up to 300 basis points lower funding cost, easing long-standing holdco debt strain.

Connecting the networks could free nearly 10 percent of India's gas output stranded for want of evacuation, cutting import reliance and lifting upstream producers' realisations.

The company says no penalty or business impact followed. This search has happened just weeks before its demerger. Strange.