Viceroy Research awaits SEBI's response on Vedanta queries
Viceroy Research, a US short-seller, has called on India's market regulator SEBI to respond to its reports accusing Vedanta Group of criticized restructuring moves.
Viceroy's co-founder Fraser Perring even offered to help SEBI check the facts.
Interestingly, despite all the noise, Vedanta's shares and bonds haven't really budged.
Viceroy questions Vedanta's financing moves
Viceroy claims Vedanta engaged in non-arms length financing and exploitative investments and questions investments made by Vedanta and related firms in Serentica Renewables—a business partly owned by the Agarwal family—saying these deals just don't add up financially.
Vedanta has pushed back, insisting everything is above board with full lender support and regulatory approval.
BofA sees some bright spots in Vedanta's story
Even with these allegations swirling, BofA Securities still sees some bright spots—keeping an 'overweight' rating on certain Vedanta bonds thanks to debt reduction efforts.
But they've also dialed down ratings elsewhere, showing that opinions on Vedanta's money moves are pretty divided right now.