Vedanta Names Ajay Goel as New CFO, Shares Rise 2%

The share price of Vedanta surged by 2 per cent to reach the Rs 219 price level on Wednesday after the conglomerate appointed Ajay Goel as its new Chief Financial Officer (CFO) and Key Managerial Personnel (KMP).

Goel is set to take over the role previously occupied by Sonal Shrivastava, who became a part of Vedanta in June. She was the third individual to assume this position since 2021, following G. R. Arun Kumar and Ajay Goel.

Earlier this year, Goel had left his prior position at Vedanta to become a part of the education startup BYJU's. He later resigned from the company just six months into his tenure.

At 03:15, the shares of Vedanta were trading at Rs 216 price level, up by nearly a point on the National Stock Exchange.

“During his earlier role at Vedanta, Ajay contributed significantly in terms of driving business performance, managing the financial affairs of the company, and heading the finance function with his leadership acumen. He was also instrumental in successfully handling regulatory approvals, investment matters, capital allocation, investor relations, and major M&A-related affairs.” The conglomerate said in its exchange filing.

In the second quarter of FY24, the company's total production marked a 10 per cent decrease compared to the previous year and a 3 per cent drop from the previous quarter. This decline was primarily attributed to reduced volumes of materials processed. In contrast, the production of saleable steel saw a significant increase of 17 per cent compared to the previous year, reaching 378,000 tons.

Earlier this month, the conglomerate had also announced its demerger process into six separate entities.