Market Chatter: India's Enforcement Directorate Raids Vedanta's Premises Over Royalty Payments

MT Newswires Live06-02

India's Enforcement Directorate is said to be conducting searches at some premises of mining and exploration company Vedanta (NSE:VEDL, BOM:500295), including those in Mumbai, Delhi, and Rajasthan, according to local media reports on Tuesday.

The company's shares fell nearly 2% intraday on Tuesday.

Reports suggest that the searches are being conducted in relation to alleged violations of the Foreign Exchange Management Act (FEMA) rules pertaining to royalty payments made by the company to its parent, 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 was quoted as saying, according to media reports.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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