“The downgrade reflects 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.
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Over the five trading sessions ending December 12, the Sensex closed lower, declining 0.52%, or 445 points, to settle at 85,268. The benchmark finished in
December 13, 2025