Vedanta denies rumours of preliminary discussions for combining with parent Vedanta Resources; Stock zooms over 2%

3 Feb 2022 , 01:37 PM

Vedanta stock was in the fast lane on Thursday after the company denied rumours claiming preliminary discussions with prospective advisors about the idea of combining Vedanta Resources Limited with the company.

Vedanta Resources is the parent company of Vedanta.

In its regulatory filing, today, Vedanta said, “with regards to recent media reports on having preliminary discussions with prospective advisors about the idea of combining Vedanta Resources Limited with Vedanta Limited, Vedanta Limited would like to strongly deny these reports as speculative and misleading to the investors.”

“No such proposal is under consideration, and we categorically deny any such rumours,” Vedanta added.

At around 1.33 pm, Vedanta was trading at Rs351.60 per piece surging by 2.4% on Sensex. The stock was near the day’s high of Rs351.65 per piece.