Stocks

Stocks in focus: SBI, PNB, BoB, Cairn, Vedanta

Reuters | Updated on January 17, 2018 Published on August 22, 2016

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cairn

Shares of public sector lenders fell as the government has appointed RBI Deputy Governor Urjit Patel picked as the new RBI Governor.

Patel, seen by markets as being more hawkish, would continue Rajan’s drive to clean up banks.

State Bank of India, Bank of Baroda, and Punjab National Bank were down between 0.7 per cent and 1.7 per cent.

Patel will start his three-year term on September 4.

Cairn India, Vedanta

Shares of Cairn India and Vedanta fell as according to a report the merger offer won’t be revised.

Cairn India declined as much as 1.9 per cent, while Vedanta Ltd fell as much as 1.1 per cent.

Vedanta co-CEO Tom Albanese told the Financial Express newspaper that its revised offer for a merger with Cairn India final would not be sweetened further.

In July, Vedanta had revised the terms of an offer aimed at buying out the minority stake in Cairn India that it does not already own.

The shareholders of Vedanta and Cairn will be voting on the revised offer on September 8 and September 12, respectively. Vedanta plans to close the transaction by the end of March 2017.

Neither Cairn India nor Vedanta could be immediately reached for a comment.

Published on August 22, 2016
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