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Weak commodity prices weighed heavily on Vedanta Resources as it cut its dividend by more than half and wrote down the value of its oil and gas operations and other assets by $5bn.

Lower prices for Vedanta’s products, ranging from zinc and copper to oil and gas, prompted the company to report pre-tax impairments of $5.2bn for the year. The bulk of this figure, $4.9bn, came from a writedown of its oil and gas operations with iron ore and copper assets contributing the rest.

Operating profit at the London-listed Indian resources group was halved to $881m for the financial year to the end of March on the back of a 17 per cent fall in revenue from $12.9bn to $10.7bn.