VEDANTA

Shares of Anil Agarwal-owned mining conglomerate Vedanta Ltd fell over 3% on July 9 after short seller Viceroy Research issued a report on its parent firm Vedanta Resources, saying it "resembles a Ponzi scheme". The Viceroy report said the group structure is "financially unsustainable, operationally compromised and resembles a Ponzi scheme". On July 9, Vedanta shares on NSE closed trading 3.3% lower at Rs 441.3 apiece. The shares fell as low as nearly 8% on an intraday basis on July 9. Shares of another Vedanta firm, Hindustan Zinc, closed trading 2.5% lower at Rs 425.3 apiece. Consequently, the Nifty Metal index closed trading 1.38% lower with Vedanta, Hindustan Copper leading the losses.