The shares of Cairn India today fell by about 4 per cent after the company said its Managing Director and CEO Rahul Dhir has quit the company.

After a weak opening, shares of the company fell further by 3.7 per cent to Rs 313.60 on the BSE.

Similarly on the National Stock Exchange, the scrip lost 3.73 per cent to Rs 313.45.

Dhir, who was the face of Cairn India since the time the firm’s British promoters listed it on the BSE to make the company more local, quit in less than eight months of London-based mining group Vedanta taking over the company.

“The board of Cairn India announces that Dhir has decided to step down as Managing Director and Chief Executive Officer of the company effective August 31, 2012, to pursue his entrepreneurial interests,” the company had said in a statement yesterday.

(This article was published on August 9, 2012)
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