Vedanta Group Shares Rebound After Clarification on Viceroy Report

Vedanta Group, in a statement issued to CNBC-TV18, strongly refuted the claims made in a recent report by Viceroy Research. The company described the report as a "deliberate and misleading blend of selective data and baseless accusations" aimed at maligning its reputation.

Clarification by Vedanta Given to CNBC-TV18

The report is a malicious combination of selective misinformation and baseless allegations to discredit the Group. It has been issued without making any attempt to contact us with the sole objective of creating false propaganda. It only contains a compilation of various information, which is already in the public domain, but the authors have tried to sensationalise the context to profiteer from market reaction.

The timing of the Report is suspect and could be to undermine the forthcoming corporate initiatives. Our stakeholders are discerning enough to understand such tactics. In fact, to avoid any responsibility – authors of the report have added various disclaimers that the Report has been prepared for educational purposes only and expresses their opinions and are not statements of fact (page 7).

We remain focused on the business and growth, and request everyone to avoid speculation and unsubstantiated allegations.

Response by Viceroy Group

In response, the Viceroy Group wrote on "X" that Vedanta has dismissed its 85-page 'thoroughly referenced' report without any attempt to disapprove their work.

"This is likely because they cannot refute our findings. We stand behind our work and are happy to take questions," Viceroy said on "X".

Also Read: Vedanta, Hindustan Zinc Shares Plunge Amid US Short-Seller's Financial Discrepancies Claims 

After the clarification, Vedanta Shares recovered from the lows of the day, currently trading 3.6% lower at ₹439.60 on BSE.

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