HEG Ltd, with a market capitalization of ₹9,531 crore, saw its shares drop 9% to ₹2,438 after opening lower at ₹2,599. This decline followed the company's announcement of the demerger of its graphite business into a new entity and the merger of Bhilwara Energy with HEG. Notably, 94.41% of HEG's FY24 turnover came from the graphite business.