Vedanta: Tom Albanese to continue as the group CEO

Vedanta has described recent media speculation about senior management changes as completely baseless. It says that Tom Albanese will continue to drive the Vedanta business and serve as the group CEO.

Cynthia Carroll, who joined the group in September this year, will advise the chairman's office on matters of strategic importance to the company.

Metal stocks decline from a two-month high

Indian stocks declined after a three-day rally pushed the benchmark gauge to a two-month high. Metalmakers were among the worst performers. Vedanta Ltd. plunged the most in two months as the company refuted a report that Chief Executive Officer Tom Albanese would stand down.

Hindalco Industries Ltd tumbled at least 2.7 percent, while Coal India Ltd., the world’s top producer of the fuel, fell for a third day.

Vedanta tumbled 6.4 percent, the most since August 24 and the worst performance on the Sensex. Albanese will step down as head in March 2016 and will be replaced by former Anglo American Plc CEO Cynthia Carroll, whom the company hired last month as an adviser, an Indian television station reported on one of its social media pages.

However, the London-traded parent company said in an e-mailed statement following the report that Albanese “will continue to drive the Vedanta business and serve as the group CEO.”

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