The report described VRL as a "financial zombie" dependent on cash extracted from its Indian subsidiary to service its debt.
Following the report's release, Vedanta shares slipped 3.38% to settle at Rs 440.80, as investors reacted to concerns over the group's alleged financial instability and governance issues.
In a clarification issued today, Vedanta dismissed the claims as a "malicious combination of selective misinformation and baseless allegations," accusing Viceroy of trying to mislead investors and stir panic for profit. The company said the report simply sensationalizes publicly available information and was published without any attempt to seek clarification from Vedanta.
Vedanta further claimed that the timing of the report appears aimed at disrupting its upcoming corporate initiatives. It also pointed out that Viceroy had included broad disclaimers, framing the document as opinion-based and meant for educational purposes, not as statements of fact.
"Our stakeholders are discerning enough to see through such tactics," Vedanta stated. "We remain focused on business and growth, and urge everyone to avoid speculation and unsubstantiated allegations."
The Viceroy report had raised red flags about inflated asset valuations, off-balance sheet liabilities, questionable capital allocation, and CAPEX misstatements -- all of which Vedanta has outrightly denied.
Vedanta, a subsidiary of Vedanta Resources, is one of the world's leading natural resources, critical minerals, energy, and technology companies, spanning across India, South Africa, Namibia, Liberia, the UAE, Saudi Arabia, Korea, Taiwan, and Japan, with significant operations in oil & gas, zinc, lead, silver, copper, iron ore, steel, nickel, aluminum, power, and glass substrate.
Vedanta's consolidated net profit surged 154.42% to Rs 3,483 crore while revenue from operations jumped 13.89% to Rs 39,789 crore in Q4 March 2025 over Q4 March 2024.