Vedanta: heavy losses to the company, know what is the reason

To overcome the Corona infection, PM Modi implemented a lockdown from 24 March. But after the relaxation of lockdown, the infection is spreading rapidly. After the government's decision to waiver, many industries have started once again. On the other hand, on Saturday, Vedanta informed that the company had a consolidated net loss of Rs 12,521 crore in the last quarter of FY 2019-20. The company gave this information to the stock markets. Vedanta had a net profit of Rs 2,615 crore during the January-March quarter of last year. The company has said that during January to March this year, the company's consolidated income also fell to Rs 20,382 crore from Rs 25,096 crore in the same quarter last year. Vedanta's Chief Executive Officer Sunil Duggal issued a statement saying that in the last quarter of the last financial year, covid-19 has affected the world and India.

In his statement, he said that in these difficult situations, the company has taken proactive steps to protect its assets and employees. Duggal said that in these difficult circumstances the company is working towards making the country self-sufficient.

Apart from this, the statement issued by the company said, "In the financial year 2019-20, the company incurred an extra loss of Rs 17,386 crore. This is mainly due to the depreciation in the value of assets like oil and gas. The main reason for this is the significant decline in the prices of crude oil due to Kovid-19.

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