Shares of Vedanta adjusted to the company’s much-awaited demerger on Thursday, appearing to have crashed nearly 65% on NSE. However, in reality, the stock declined 5% after beginning to trade without the value of its four demerged entities.

After closing at Rs 773.60 on Wednesday, the stock opened sharply lower at Rs 289.50 on Thursday, pulling Vedanta’s market capitalisation down to Rs 1.13 lakh crore from Rs 3 lakh crore. It later slipped over 5% to Rs 274.30 apiece.

The shares now trade without the value of four demerged units — Vedanta Aluminium, Vedanta Power, Vedanta Oil & Gas, and Vedanta Steel & Iron Ore — which will list separately on the BSE and NSE.

The special pre-open session (SPOS) ran from 9:15 am to 9:45 am on the…