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Shares of Indian conglomerate Vedanta fell to their lowest in over a year on Wednesday after Moody's Investors Service downgraded parent Vedanta Resources' senior unsecured bonds, citing a high risk of debt restructuring in the coming months.
The rating agency also raised concerns about the ability of Vedanta Resources' operating subsidiaries to generate cash flow in a "softening commodity price environment."
Also read: Nifty Prediction Today–September 27, 2023: Go short now and on a rise
Shares of the metals-to-oil group fell as much as 6.3 per cent to their lowest level since July 6, 2022 before paring losses to trade 4.8 per cent down as of 10:00 a.m. IST.
Moody's downgraded Vedanta Resources' unsecured bonds to Caa3 from Caa2, and the corporate family rating of the billionaire Anil Agarwal-owned company to Caa2 from Caa1 while maintaining a negative outlook.
Vedanta was the top loser on the Nifty 100 index , which was down 0.26 per cent.
The stock is on track to decline for the sixth consecutive session - its longest losing streak since late February - if the trend holds through the day.
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