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Shares of Cairn India fell nearly 4 per cent in the morning trade on the bourses today after the company’s net profit halved to Rs 763 crore for the quarter ended September 30, 2011.
The company’s shares got off to a weak start on the BSE and fell 3.7 per cent to a low of Rs 283. A similar trend was witnessed on the NSE, where the stock lost 3.64 per cent to Rs 282.85.
Cairn India’s net profit halved to Rs 763 crore in the quarter ended September 30, 2011, as it has assumed the liability for payment of royalty on its share of production from the mainstay Rajasthan oilfields.
The company’s net profit fell 51 per cent to Rs 763 crore in the July-September quarter from Rs 1,585.1 crore in the same period a year ago.
Meanwhile, the benchmark Sensex was trading 67.16 points higher at 17,004.05 at 10.45 am.
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