Vedanta shares tank 7% as US short seller says its parent firm 'resembles a Ponzi scheme'
Vedanta Limited's shares plunged as low as 7% intra-day on Wednesday after Viceroy Research turned short on its UK-based parent firm Vedanta Resources' debt. "[Vedanta Resources'] structure is financially unsustainable, operationally compromised and resembles a Ponzi scheme," the US-based short seller said. Vedanta Limited called the report "a malicious combination of selective misinformation".