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Vedanta shares plunge after S&P trims parent co's outlook
Mint Mumbai
|August 04, 2023
Billionaire Anil Agarwal-led Vedanta Ltd’s shares plunged 9% in intraday trade to ₹247.60 apiece on exchanges after S&P Global Ratings downgraded the parent firm Vedanta Resources Ltd’s credit outlook from stable to negative on Thursday when Twin Star Holdings Ltd, promoter of Vedanta, sold 15.4 crore shares worth ₹3,983.1 crore in the company to raise funds for repaying dues.
While marquee investors including Societe Generale and Copthall Mauritius Investment Ltd bought 2.94 crore and 8.48 crore Vedanta shares from Twin Star at ₹258.5 apiece respectively, in a statement put out in Singapore, S&P Global Ratings downgraded Vedanta Resources citing increased funding risks.
The rating agency has affirmed ‘B-’ long-term issuer credit rating for the London-based parent firm.
This rating indicates a “relatively higher credit risk", said S&P Global, while affirming its ‘B-’ long-term issue rating for the senior unsecured debts of Vedanta Resources.
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