Cairn India gains after large bulk deals

Cairn India gains after large bulk deals
The shares of Cairn India rose, after the company struck two large bulk deals.

At 2:00 PM, on BSE, shares the company were trading at Rs. 344.50, up by 2.36 per cent, against the previous close of Rs. 336.55. The shares of the company reached the day's high at Rs. 346.45 and day's low at Rs. 330.75.

However, the stock had touched the 52-weeks high of Rs. 372.00 on April 5, 2011 and 52 weeks low of Rs. 266.65 on May 25, 2010. Till now, the total traded quantity over the counter stood at more than 29.22 crore shares.

During the opening trade on the BSE, the company struck two deals of 13.26 crore shares each at an average price of Rs. 333.65 per share. It was reported that Petronas sold all its 28.34 crore shares or 14.9 per cent stake, in Cairn India through multiple block deals on Tuesday at Rs. 329 per share.

Vedanta Resources Plc bought 11% out of the 14.9% of Petronas stake in Cairn India and the balance 3.9 per cent has been bought by institutions.

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