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Shares of Cairn India Ltd, India’s largest private sector crude oil producer, today fell 3.5 per cent, its lowest since February 2 as the company has cut FY16 capex to $500 million from $1.2 billion citing lower oil prices.
“Given Cairn’s strong balance sheet and low finding and production costs, the extent of capex reduction seems too severe to us,’’ Jefferies says in a report
Jefferies has maintained “hold’’ rating and reduced the price target to Rs 250 from Rs 253.
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