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Vedanta books rs 20,000-cr impairment charge on oil business

Updated: May 23, 2015 5:09 pm

Anil Agarwal-led Vedanta (earlier known as Sesa Sterlite) on Wednesday announced corporate India’s largest ever Rs 20,000-crore goodwill impairment charge for loss of value of Cairn India, its oil & gas business subsidiary, triggered by an unprecedented fall in oil prices. “Our decision of goodwill impairment was a result of declining pattern in crude oil prices along with the trend seen among global oil & gas companies, which closed their accounts for the calendar year with asset impairment,” Tom Albanese, chief executive officer of Vedanta said at the earnings conference call. Sesa Sterlite fell a little over two per cent to Rs 207 a share on the BSE exchange on Wednesday. The results were announced after the stock exchanges closed.

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