BENGALURU (Reuters) – The Securities and Exchange Board of India (SEBI) on Friday imposed a penalty of 3 million rupees ($36,567.503) on metals-to-oil conglomerate Vedanta Ltd for violating the market regulator’s disclosure requirements.
SEBI said Vedanta had broken its rules by publishing a press release on its website that made it appear it had partnered with Foxconn to make semiconductors in India, when the deal was with Vedanta’s holding company.
The publication led to Vedanta Ltd’s share price moving significantly, SEBI said.
Vedanta did not immediately respond to a Reuters request for comment outside business hours.
(Reporting by Yagnoseni Das in Bengaluru; Editing by Vinay Dwivedi)
