ED Carries Out Searches At Vedanta Offices In Foreign Exchange Investigation In Delhi, Mumbai
ED Carries Out Searches At Vedanta Offices In Foreign Exchange Investigation In Delhi, Mumbai Published By, Last Updated: June 02, 2026, 12:52 IST Vedanta shares
ED Carries Out Searches At Vedanta Offices In Foreign Exchange Investigation In Delhi, Mumbai Published By, Last Updated: June 02, 2026, 12:52 IST Vedanta shares erased early gains after news of the searches and were trading 0.3 per cent lower at Rs 336.25 Rapid Read ED conducts searches at Vedanta Group premises The Enforcement Directorate (ED) on Tuesday carried out searches at locations linked to the Vedanta Group in Delhi and Mumbai in connection with an investigation under the Foreign Exchange Management Act (FEMA), officials said. The search operations were still underway at the time of reporting. Authorities have not yet disclosed the specific nature of the alleged FEMA violations being examined.
A response from the company was initially awaited. Later, a Vedanta spokesperson told ET Bureau, “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." Vedanta Ltd.’s shares, which had already fallen more than 4 per cent on Monday, surrendered their early gains following news of the searches and were trading 0.3 per cent lower at Rs 336.25. The development comes days after Vedanta Group announced that rating agency ICRA had upgraded the long-term ratings of its key entities to AA+, giving the conglomerate its highest domestic credit rating in more than a decade.
An AA+ rating indicates a high degree of safety with respect to the timely servicing of financial obligations and signifies very low credit risk. Vedanta Group is among India’s largest natural resources conglomerates, with interests across zinc, silver, oil and gas, aluminium, iron ore, steel and copper. Its major subsidiaries include Hindustan Zinc Limited, in which the government retains a residual stake, and Cairn Oil and Gas. The group has faced regulatory scrutiny over foreign exchange matters in the past. In 2004, the ED found Sterlite Industries—the predecessor entity that later became part of the Vedanta Group structure—and its three promoter-directors guilty of violating FERA and FEMA provisions, imposing penalties on both the company and its directors.
(With inputs from PTI) News18 Newsletter Handpicked stories, in your inbox A newsletter with the best of our journalism submit First Published: June 02, 2026, 12:52 IST News business economy ED Carries Out Searches At Vedanta Offices In Foreign Exchange Investigation In Delhi, Mumbai Disclaimer: Comments reflect users’ views, not News18’s. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy Loading comments...
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