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Viceroy Research's short-position on Vedanta Resource's debt

Viceroy Research, a U.S. firm, has taken a short-position against Vedanta Resource, the UK-based parent company of Indian miner Vedanta. Viceroy Research claims that Vedanta is "systematically draining its Indian unit".

Vedanta is planning to split up into separate listed entities. Anil Agarwal, Group Chairman of Vedanta, launched the plan to revamp the business in 2023 after an unsuccessful attempt to take Vedanta Private in 2020.

Vedanta Resources announced in June 2024 it would seek to reduce its debt by $3 billion over the next three years.

Viceroy Research, a short seller, said that the entire group structure was financially unsustainable and operationally compromised. It also posed a serious, underappreciated credit risk.

The Vedanta group did not respond immediately to a comment request on the Viceroy Research Report.

The shares of the Indian mining company fell up to 7.8% following the report. They then recovered some losses and traded at a 4.8% loss by 0723 GMT. Shares were down about 1% prior to the report.

Vedanta's net debt, on an individual basis, was $4.9 billion as of March 31, 2025. This is according to the company's annual report.

(source: Reuters)