The metals and mining colossus, Vedanta Ltd, has been reportedly hit by another top-level departure. This time, it’s their Chief Financial Officer Sonal Shrivastava who has stepped down.
What Happened: Vedanta Ltd has witnessed another high-ranking departure as its CFO resigned, as per a Bloomberg report on Monday. Shrivastava’s departure comes just months after she joined the conglomerate in June this year.
The specific reasons behind the CFO’s exit remain undisclosed. This development amplifies the challenges for Vedanta, which has been dealing with leadership changes for a while now.
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The CFO’s exit follows a series of top-tier exits that have marred the company. This news adds to the existing apprehensions about the management stability of the metals and mining powerhouse.
Why It Matters: This development comes on the heels of a turbulent period for Vedanta. The company has been battling multiple issues, including a nearly 30% drop in its share price this year. The recent downgrade of its long-term debt by India Ratings and Research further aggravated the situation. The downgrade from “IND AA” to “IND AA-” was attributed to the company’s growing liquidity concerns and shrinking financial flexibility, largely due to delays in refinancing.
Price Action: Vedanta’s share price was down 1.86% to trade at ₹218.60 in early trade on Monday.
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