Vedanta falls on SEBI order to pay Rs 78 crore to Cairn UK Holdings

Vedanta says it is taking appropriate legal steps and does not foresee any financial or material impact of the SEBI order

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Shares of Vedanta fell nearly a percent at the open on March 13, a day after SEBI asked the company to pay Cairn UK Holdings Limited (CUHL) Rs 77.62 crore plus a simple interest of 18 percent per annum for delay in payment of dividend.

At 9:20 am, the stock was trading at Rs 268.15.

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In a post market hours filing, Vedanta Limited  said that the regulator has also asked the company’s chairman and managing director (CMD) Navin Agarwal, whole-time director Tarun Jain, whole-time director and chief executive officer (CEO) Thomas Albanese and  whole-time director and chief financial officer (CFO) GR Arun Kumar to restrain from accessing the securities market for two months and non-executive director Priya Agarwal and independent directors K Venkataramanan, Lalita D Gupte, Aman Mehta, Ravi Kant and Edward T Story from accessing the market for a month.

The company added that it is taking appropriate legal steps in the manner and does not foresee any financial or material impact.

Vedanta Ltd stock has fallen over 3 percent this year.  In Q3FY24, Vedanta India posted an 18 percent year-on-year fall in its net profit at Rs 2,013 crore .

Also read: SEBI asks Vedanta India to pay Cairn UK Holdings Rs 77.62 cr for late dividend payout

The company had reported a profit of Rs 2,464 crore in the same quarter of the previous year and a loss of Rs 1,783 crore in the previous fiscal. Revenue rose 3.8 percent to Rs 34,968 crore.

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