Viceroy attacks Vedanta bid to revive Electrosteel as audit red flags and cash drain spark alarm

Published on 24 April 2026

Shortsellers claim ESL is burning cash despite turnaround promises

US shortseller Viceroy is pressuring Vedanta over its Electrosteel (ESL) turnaround story, alleging the company is guzzling cash and pointing to audit red flags. Vedanta counters that ESL is still a key subsidiary and says revenues have doubled since the takeover. The dispute adds fresh heat to corporate governance concerns around the deal.

Viceroy targets Vedanta’s ESL turnaround narrative
Allegations include cash burn and audit red flags
Vedanta says ESL is vital and revenues doubled post takeover
The back-and-forth raises new corporate governance concerns

#shortselling #corporate governance #audits #vedanta #electrosteel

Read the full story at The Economic Times

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Viceroy attacks Vedanta bid to revive Electrosteel as audit red flags and cash drain spark alarm

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