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Cairn India shares fell by over 2 per cent in the morning trade on the bourses today after parent firm Cairn Energy Plc agreed to lower the price at which it will sell up to a 40 per cent stake in its Indian unit to Vedanta Resources.
The scrip went down by 2.19 per cent to touch an early low of Rs 302.40 on the BSE, while on the NSE, it slipped by 2.42 per cent to hit a low of Rs 301.90. On the volume front, over 10 lakh shares of the company changed hands on the bourses in the morning trade.
According to analysts, the move is negative for Cairn India.
Cairn Energy Plc has agreed to lower the price at which it will sell up to a 40 per cent stake in its Indian unit to mining group Vedanta Resources. The announcement was made after market hours yesterday.
Cairn Energy will sell its 40 per cent stake in Cairn India to Vedanta at Rs 355 per share instead of the Rs 405 a share price agreed in August last year. It will now get gross proceeds of Rs 27,007 crore (about $6.02 billion) instead of the Rs 30,811 crore ($6.84 billion) it was initially expecting.
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