BENGALURU, Sept 27 Reuters Shares of Indian conglomerate Vedanta fell to their lowest in over a year on Wednesday after Moody39;s Investors Service downgraded parent Vedanta Resources39; senior unsecured bonds, citing a high risk of debt restructuring in the coming months.

The rating agency also raised concerns about the ability of Vedanta Resources39; operating subsidiaries to generate cash flow in a softening commodity price environment.

Shares of the metalstooil group fell as much as 6.3 to their lowest level since July 6, 2022 before paring losses to trade 4.8 down as of 1000 a.m. IST.

Moody39;s downgraded Vedanta Resources39; unsecured bonds to Caa3 from Caa2, and the corporate family rating of the billionaire Anil Agarwalowned company to Caa2 from Caa1 while maintaining a negative outlook.

Vedanta was the top loser on the Nifty 100 index, which was down 0.26.

The stock is on track to decline for the sixth consecutive session its longest losing streak since late February if the trend holds through the day.

Reporting by Rama Venkat in Bengaluru; Editing by Dhanya Ann Thoppil

Source Reuters