These search operations are being carried out with regards to the royalty payment made by Vedanta Ltd. to its parent company Vedanta Resources.
“We are extending full cooperation to the authorities and are providing all information sought. The company remains committed to compliance with all applicable laws and regulations. As the matter is currently under regulatory process, we are unable to comment further at this stage,” a Vedanta spokesperson told CNBC-TV18.
Later in the evening, Vedanta, in a regulatory filing, said, “We hereby inform that the Enforcement Directorate team visited some offices of our Company and Hindustan Zinc Limited, a subsidiary of the Company. The Company is extending its full co-operation to the authorities and providing all information sought.”
Best Month For Vedanta In Two Years
The stock has been in the spotlight through the month of May after it began trading adjusted for the demerger of its Aluminium, Oil & Gas, Power, and Iron & Steel businesses.
Shares of Vedanta had risen 29% in the month of May, marking their best monthly performance in at least two years.
Ahead Of Demerger Plans
In an exclusive interaction with CNBC-TV18 last month, Vedanta Group Chairman Anil Agarwal said that all the other demerged entities will begin trading as independent entities by the end of June.
Shares of Vedanta Ltd., which were down over 4% on Monday, gave up their gains after the news, and are now trading 0.3% lower at ₹336.25.
