Cairn India tanks nearly 8% on reports of Cairn Energy selling 3.5% stake in India business
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Shares of Cairn India plummeted nearly 8 per cent to a new weekly low of Rs 302.10 in the early trade on Bombay Stock exchange (BSE) after sources reported that the company's U.K. parent sold part of its stake, almost 3.5 per cent, to a clutch of institutional investors at a discount.
According to the reports, Cairn sold about 66.8 million shares in the Indian unit, offering the shares at Rs 307.40-317.50, below its 327.35 rupee closing price that day.
Post the development, shares of the company were trading at Rs 307.25, down 6.18 per cent on the BSE.
In a similar fashion, shares of the company were quoting at Rs 307.75 a piece, down 5.99 per cent on the National Stock Exchange (NSE).
Meanwhile, the broader benchmark Sensex was quoting at 17,316.77, up 326.01 points at 10:40 hours