London-listed mining and energy conglomerate Vedanta Resources has seen its share price tumble in morning trading, despite record oil and gas production. Vedanta, which has faced repeated criticism for its record on human rights, safety and the environment, was the biggest faller on the FTSE 100, losing 5% of its value in early trading after analysts at Morgan Stanley downgraded its stock rating. The share price has since staged a tiny recovery to £10.40, paring losses to 4.6%.
Vedanta to lose FTSE place to Royal Mail as miners’ weight wanes
Vedanta Resources is set to drop out of Britain’s blue-chip FTSE 100, ceding its place to recently privatised Royal Mail and underlining the mining sector’s waning influence in the index.