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In the cash market, the Nifty 50 index fell 46.40 points or 0.18% to 25,476.10.
The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, fell 2.09% to 11.94.
Vedanta, Reliance Industries and Tata Consultancy Services were the top traded individual stock futures contracts in the F&O segment of the NSE.
The June 2025 F&O contracts will expire on 31 July 2025.
Viceroy, known for its activist short reports, alleged that VRL has no meaningful operations of its own and survives by extracting capital from Vedanta. 'This looting erodes the fundamental value of Vedanta, which constitutes the primary collateral for VRL's own creditors,' the report stated.
The report also accuses the group of indulging in questionable financial practices, including inflated asset values, off-balance sheet liabilities, and capital expenditure misstatements. It flagged governance failures and criticized the proposed demerger plan as a smokescreen that does not resolve the group's deep-rooted cash crunch.
Vedanta, which operates in metals, mining, and energy, is the primary cash engine of the group. According to Viceroy, 'To get the cash it needs, VRL forces Vedanta to declare disproportionately large dividends, funded not by free cash flow but by taking on more debt and weakening its balance sheet.'
Investor sentiment remained cautious as markets digested the implications of the report.
Vedanta, a subsidiary of Vedanta Resources, is one of the world’s leading natural resources, critical minerals, energy, and technology companies, spanning across India, South Africa, Namibia, Liberia, the UAE, Saudi Arabia, Korea, Taiwan, and Japan, with significant operations in oil & gas, zinc, lead, silver, copper, iron ore, steel, nickel, aluminum, power, and glass substrate.
Vedanta's consolidated net profit surged 154.42% to Rs 3,483 crore while revenue from operations jumped 13.89% to Rs 39,789 crore in Q4 March 2025 over Q4 March 2024.
Following the report's release, Vedanta shares slipped 3.38% to settle at Rs 440.80, as investors reacted to concerns over the group's alleged financial instability and governance issues.
In a clarification issued today, Vedanta dismissed the claims as a 'malicious combination of selective misinformation and baseless allegations,' accusing Viceroy of trying to mislead investors and stir panic for profit. The company said the report simply sensationalizes publicly available information and was published without any attempt to seek clarification from Vedanta.
Vedanta further claimed that the timing of the report appears aimed at disrupting its upcoming corporate initiatives. It also pointed out that Viceroy had included broad disclaimers, framing the document as opinion-based and meant for educational purposes, not as statements of fact.
'Our stakeholders are discerning enough to see through such tactics,' Vedanta stated. 'We remain focused on business and growth, and urge everyone to avoid speculation and unsubstantiated allegations.'
The Viceroy report had raised red flags about inflated asset valuations, off-balance sheet liabilities, questionable capital allocation, and CAPEX misstatements -- all of which Vedanta has outrightly denied.
Vedanta, a subsidiary of Vedanta Resources, is one of the world's leading natural resources, critical minerals, energy, and technology companies, spanning across India, South Africa, Namibia, Liberia, the UAE, Saudi Arabia, Korea, Taiwan, and Japan, with significant operations in oil & gas, zinc, lead, silver, copper, iron ore, steel, nickel, aluminum, power, and glass substrate.
RBL Bank shares are banned from F&O trading on 4 July 2025.
Stocks to Watch:
UCO Bank’s total deposits jumped 11.57% to Rs 2.99 lakh crore as on 30th June 2025 compared with Rs 2.68 lakh crore as on 30th June 2024. As on 30th June 2025, total advances stood at Rs 2.25 lakh crore, up 16.58% compared with Rs 1.93 lakh crore as on 30th June 2024.
Vedanta’s aluminum production rose 1% to 6,05,000 tonnes in Q1 FY26 compared with 5,96,000 tonnes in Q1 FY25. Zinc International production rises 50% YoY to 57,000 tonnes.
Bajaj Finance’s deposits book grew by 15% to approximately Rs 72,100 crore as of 30th June 2025 compared to Rs 62,774 crore as of 30th June 2024. Asset under management (AUM) jumped 25% YoY to Rs 4,41,000 crore as on 30th June 2025.
PC Jeweller said that despite the volatility in the gold prices, it was able to achieve a standalone revenue growth of approximately 80% as compared to the corresponding quarter of the previous financial year.
Yes Bank’s deposits increased 4.1% to Rs 275,921 crore as on 30th June 2025 compared with Rs 2,84,525 crore as on 30th June 2024. Loans & advances jumped 5.1% YoY to Rs 2,41,355 crore as om 30th June 2025.
Godavari Biorefineries has been granted a patent in Europe for its novel anticancer molecule. The patent subject area is anti-cancer research segment.