Vedanta stock falls after India Ratings downgrades ratings of mining firms 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+.
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.
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