Vedanta Limited’s stock climbs 4% after appealing against Adani Group’s insolvency plan for Jaiprakash Associates in India’s Supreme Court.
Mining firm Vedanta Limited has experienced a notable surge in its share price, rising 4% to ₹666 per share on the National Stock Exchange. This increase came in the wake of the company’s decision to challenge the insolvency resolution plan put forth by Adani Enterprises for Jaiprakash Associates Limited (JAL).
Vedanta’s chairman, Anil Agarwal, stated that the firm had initially received confirmation that it was the highest bidder for the assets of JAL, which is part of the financially troubled Jaypee Group. However, this decision was later reversed. He expressed his disappointment through a…