Vedanta books rs 20,000-cr impairment charge on oil business
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. â€œOur 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,â€ 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.