Shares of Vedanta Oil and Gas Ltd (Vedanta Oil) fell sharply after the company reported a return to profitability in the June quarter. The stock declined 5.58 per cent to a day low of Rs 33.20 as the market reacted to the results. The company recorded a consolidated net profit of Rs 9.45 bn for the quarter ended 30 June, reversing a net loss of Rs 4.8 bn in the previous quarter. EBITDA rose to Rs 12.32 bn, representing a 16 per cent quarter-on-quarter increase.

Total revenue from operations stood at Rs 25.07 bn during the quarter, down two point nine eight per cent from Rs 25.84 bn in the preceding quarter. The company reported an average gross operated production of 77.7 kboepd and an average working interest production of 51.1 kboepd. Total gross oil and gas production reached 7.1 mn barrels of oil equivalent, while total working interest production was 4.7 mn barrels of oil equivalent. Vedanta Oil also notified a gas discovery in the Kaam BCP-1ST well in the Kameshwari-Graben area of the RJ-ON-90/1 block in the Barmer Basin, Rajasthan.

From a technical perspective, analysts remained cautious on the near-term outlook, noting that the stock has been consolidating after a sharp post-listing decline and appears to be building a base around the Rs 32–34 zone. Market commentators pointed to limited bullish momentum due to the absence of strong volumes and repeated resistance near Rs 35–36, and indicated that a sustained move above Rs 36 would be needed to restore constructive sentiment and open the possibility of a recovery towards Rs 38–40. Conversely, they warned that a break below Rs 32 could invite renewed selling pressure.

Separately, a Sebi-registered research analyst characterised daily charts as bearish, citing strong resistance at Rs 35.8 and stating that a daily close below the support of Rs 32.12 could precipitate a decline towards Rs 30.2. The results and the exploration update left analysts with a cautious near-term view while highlighting operational recovery and ongoing exploration activity.