Vedanta Oil & Gas shares fall over 3% after firm discloses two legal matters involving ONGC, GoI

Vedanta Oil & Gas shares fell over 3 percent after the company disclosed two legal matters. The first involves demand letters from the DGH seeking liquidated damages of about USD 35 million plus interest on four OALP blocks, for which Vedanta is pursuing legal remedies and has requested conciliation through the CEEE. The second relates to an ONGC enforcement petition in the Delhi High Court over an arbitral award of about USD 37 million, which Vedanta said is already provided for in its books. Separately, CRISIL upgraded the company's long-term rating to CRISIL AA+/Stable from CRISIL A+/Watch Developing.