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Moody's lowers Vedanta outlook after confusion

Feb 05, 2019 - City A.M.

RATINGS agency Moody's has lowered its outlook for Vedanta Resources, after a subsidiary paid $200m (£153m) for a stake in Anglo American.

Shares plunged by nearly 18 per cent on Friday to 162.15 rupees after Vedanta announced the move, their lowest level since 2016.

The Indian miner said its foreign subsidiary Cairn India bought the stake from parent company Volcan Investments as part of "cash-management activities".

The stake purchase, which left analysts scratching their he...