Viceroy Research has launched a fresh attack on Vedanta Resources Ltd (VRL), accusing the metals-to-mining conglomerate of using its planned initial public offering (IPO) of Konkola Copper Mines (KCM) in Zambia as a 'window dressing' exercise to mask deep financial distress and deteriorating fundamentals. In a report released on 7th November, the forensic research firm alleged that the proposed KCM listing is designed to project solvency and attract liquidity, while Vedanta’s balance sheet continues to erode under the weight of unsustainable debt and opaque accounting practices. According to Viceroy, the KCM IPO 'is not a sign of strength but of desperation', intended to convince lenders and the public that Vedanta’s Zambian operations remain viable despite evidence of liquidity stre

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