Vedanta shares fell over 6% to hit a fresh 52-week low of Rs 210 on Wednesday after Moody's downgraded the corporate family rating for the London-based promoter group and commodity major Vedanta Resources.

Moody's Investors Services downgraded the rating of Vedanta Resources to Caa2 from Caa1 earlier, while maintaining a negative outlook. The downgrade is in view to take cognizance of the increased risk around the company's upcoming debt repayments. The rating agency has also warned of a further downgrade if the company is unable to make progress on funding arrangements.

It had also downgraded the rating to Caa3 from Caa2 earlier for its senior unsecured bonds as well as bonds issued by its wholly-owned subsidiary, Vedanta Resources Finance II Plc.
"The downgrade reflects the elevated risk of debt restructuring over the next few months because VRL has not made any meaningful progress on refinancing its upcoming debt maturities, in particular the $1 billion bonds maturing each in January 2024 and August 2024," Kaustubh Chaubal, the lead Moody's analyst on the conglomerate, said Tuesday.