Vedanta scrip at new 52-wk low on Moody’s downgrade

New Delhi: Shares of Vedanta Ltd hit a new 52-week low on Wednesday after a downgrade by ratings agency, Moody’s. Vedanta shares were down 6 per cent at Rs 210.60 on BSE accompanied by heavy volumes. Moody’s Investor Service downgraded corporate family rating of Vedanta to Caa2 from Caa1.

Moody’s has also downgraded rating on senior unsecured bonds to Caa3 from Caa2, issued by Vedanta Resources Limited (VRL) and those issued by VRL’s wholly-owned subsidiary, Vedanta Resources Finance 11 Plc, and guaranteed by VRL. At the same time, they have maintained a ‘negative’ outlook.