Vedanta Drops Most in Months as Chip Factory Plan Unclear
- Company’s stock sinks as much as 8.7% after exchange notice
- Factory project raises financing questions, BI analysts say
This article is for subscribers only.
Vedanta Ltd.’s stock dropped the most in almost three months, amid questions about the billionaire Anil Agarwal-backed mining company’s involvement in a “landmark” Indian semiconductor factory investment.
Shares in the company fell as much as 8.7% on Friday, snapping six days of gains, after the Mumbai-listed firm said the manufacturing business would fall within the purview of family trust Volcan Investments Ltd. That raised questions after Agarwal tweeted on Sept. 13 saying Vedanta was making the 1.54 trillion rupee ($19.3 billion) investment.