ED Action Against Vedanta: Searches Conducted Across Delhi, Rajasthan in FEMA Investigation; Stock Falls 2%

The Enforcement Directorate (ED) has carried out searches at multiple premises linked to mining and metals major Vedanta Limited as part of an ongoing investigation into alleged violations of the Foreign Exchange Management Act (FEMA), according to officials familiar with the matter.

ED Launches FEMA Probe Against Vedanta; Searches Conducted Across Delhi and Rajasthan

The searches were conducted on Monday across several locations, including Delhi and Rajasthan, marking the latest regulatory scrutiny involving the diversified natural resources conglomerate promoted by billionaire businessman Anil Agarwal.

Officials said the probe is focused on suspected contraventions under FEMA's civil provisions, which govern foreign exchange transactions and cross-border financial dealings. While the agency has not publicly disclosed the specific nature of the alleged violations, the investigation is understood to be examining certain foreign exchange-related transactions connected to the group.

Vedanta Breaks Silence on ED Action; Says It Is Cooperating With Authorities

Responding to the development, Vedanta said it is extending complete cooperation to investigators and has been providing all information sought by the authorities.

"The company is extending full cooperation to the authorities and are providing all information sought. The company remains committed to compliance with all applicable laws and regulations," a company spokesperson said.

The company added that since the matter remains under an ongoing regulatory process, it would not be appropriate to offer further comments at this stage.

Vedanta Share Price Today After ED Action

The regulatory action appeared to weigh on investor sentiment, with Vedanta shares trading lower during Tuesday's session.

Shares of Vedanta Limited were trading at Rs 330.15 on the NSE at around 12:13 PM IST on Tuesday, June 2, down 2.02% or Rs 7 from the previous close. The stock opened at Rs 336.45, touched an intraday high of Rs 343.50, and slipped to a day's low of Rs 329.30 amid selling pressure following news of the ED's FEMA-related investigation.

About Vedanta

Vedanta is one of India's largest producers of metals, mining resources and critical minerals, with operations spanning India, Africa, the Middle East and East Asia. The group has significant interests across aluminium, zinc, lead, silver, copper, iron ore, steel, oil and gas, making it a key player in the global natural resources sector.

The latest ED action comes as regulators continue to closely monitor compliance with foreign exchange regulations, particularly in cases involving large multinational businesses with extensive international operations. Further details are expected to emerge as the FEMA investigation progresses.

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