Vedanta stock falls after India Ratings downgrades ratings of mining firm's facilities
India Ratings has downgraded its ratings on the long-term bank facilities and debt instruments of Vedanta to ‘IND AA-‘ from ‘IND AA’ and placed these ratings on ‘Rating Watch with Negative Implications’. The rating agency also reaffirmed the ratings on the short-term debt instruments of the company at ‘IND A1+.
)
09:53 AM IST
Vedanta Share Price: Vedanta Ltd shares are trading in negative territory, down 0.64 per cent, or Rs 1.45, at Rs 226.25 each on Thursday in the first trading session after India Ratings and Research downgraded its ratings on the long-term bank facilities and debt instruments.
In a release on Wednesday, Vedanta said, "We wish to inform you that India Ratings and Research, vide release dated October 11, 2023, has downgraded its ratings on the long-term bank facilities and debt instruments of the company to ‘IND AA-‘ from ‘IND AA’ and placed these ratings on ‘Rating Watch with Negative Implications’ while reaffirming the ratings on the short-term debt instruments of the company at ‘IND A1+."
In another development, Vedanta informed on Wednesday that its wholly owned subsidiary Vedanta Base Metals Limited had been incorporated on October 09, 2023.
The subsiadiary is into metal business and its 100 per cent shares will be held by Vedanta Limited now.
Vedanta shares closed at Rs 227.70 on Wednesday only to start Thursday's trading session at Rs 225.55.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
)
)
)
)
)
)
)
)
ICICI Securities initiates coverage on Vedanta with 'buy' rating; target suggests 18% potential upside 
Demerger of Vedanta likely by end of FY25: Top official
Vedanta trades nearly flat after Q1 results; co's PAT climbed 54% on year
Vedanta receives clearances from BSE, NSE for proposed demerger
