Vedanta’s Profit Tumbles as India Lockdown Hurts Output, Demand

(Bloomberg) — Billionaire Anil Agarwal’s Indian commodities conglomerate Vedanta Ltd. posted a 23.5% drop in quarterly profit as one of the world’s strictest lockdowns hit production and demand.



a man walking down a street next to a river: Police officers walk along an empty road during a lockdown imposed due to the coronavirus in Mumbai, India, on Monday, June 1, 2020. Despite a strict two-month-long lockdown, the outbreak in India’s financial capital has snowballed, with the city now accounting for nearly a quarter of India’s more than 4,700 deaths and more a fifth of India’s over 165,000 infections.


© Bloomberg
Police officers walk along an empty road during a lockdown imposed due to the coronavirus in Mumbai, India, on Monday, June 1, 2020. Despite a strict two-month-long lockdown, the outbreak in India’s financial capital has snowballed, with the city now accounting for nearly a quarter of India’s more than 4,700 deaths and more a fifth of India’s over 165,000 infections.

Group net income slumped to 10.33 billion rupees ($141 million) in the three months to June from 13.51 billion rupees a year earlier, the company said in a statement late Saturday. Sales fell 25.9% to 156.87 billion rupees.

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Vedanta’s main businesses include zinc, aluminum and oil and gas, all of which have been hit by a

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