Vedanta Group denounces Viceroy research report
Vedanta Group is pushing back against a recent Viceroy Research report, calling it a "malicious combination of selective misinformation and baseless allegations" meant to hurt its reputation.
The company says Viceroy never reached out for their side and just used public info out of context, possibly to mess with Vedanta's upcoming plans.
Viceroy's report details
Viceroy's report claims Vedanta Resources, the parent company, is basically draining money from its own subsidiary (Vedanta Limited) to pay off debts.
They compared this cycle to a Ponzi scheme and warned it could push the group toward insolvency.
Vedanta's shares fell over 4% after report dropped
After the report dropped, Vedanta's shares fell over 4% before bouncing back a bit.
The company accused Viceroy of hyping up facts just to profit from market swings and asked people not to jump to conclusions.
Vedanta insists it's focused on growth and stability despite all the noise.