Vedanta shares fall nearly 7 pc as Moody’s downgrades parent firm; hit 52-week low
The stock plunged 6.74 per cent to settle at Rs 208.95 on the BSE. During the day, it declined 7.16 per cent to hit its 52-week low of Rs 208.
MUMBAI: Shares of Vedanta Ltd fell nearly 7 per cent on Wednesday after Moody’s Investors Service downgraded the rating of its parent firm Vedanta Resources Ltd.
The stock plunged 6.74 per cent to settle at Rs 208.95 on the BSE. During the day, it declined 7.16 per cent to hit its 52-week low of Rs 208.
At the NSE, it fell 6.69 per cent to settle at Rs 209.
In traded volume terms, 44.86 lakh shares of the company were traded at the BSE and over 3.55 crore shares at the NSE during the day.
Moody’s Investors Service has downgraded the rating of Vedanta Resources Ltd (VRL) because of the elevated risk of debt restructuring over the next few months, as the firm has not made progress on refinancing its upcoming debt maturities.
Moody’s said it has downgraded the corporate family rating of VRL to Caa2 from Caa1. At the same time, Moody’s has maintained a negative outlook.
