Vedanta Shares Drop After Short-Seller Viceroy Issues Report

Shares of Indian natural resources group Vedanta Ltd. fell as much as 7.8% after Viceroy Research said it was shorting the debt held by its parent, calling the group structure an “under-appreciated risk to creditors.”

Sentiment around billionaire Anil Agarwal’s conglomerate has long been weighed down by Vedanta Resources’ debt burden, the result of an acquisition spree that includes stakes in Bharat Aluminium Co. and Hindustan Zinc Ltd. A restructuring effort initiated in 2023, which has sought to list a number of its key businesses, is aimed in part at tackling the company’s debt pile.