Cairn India Shares Jump 7% On Reports Cairn Energy To Vote Against Merger

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Cairn India shares surged a huge 7 percent on report Cairn Energy would vote against the Vedanta merger.

The shares which have seen relentless selling pressure over the months on falling crude prices, rallied 7 per cent on the news. Check Cairn India share price and complete financials

Cairn India Shares Jump 7% On Reports Cairn Energy To Vote Against Merger
Vedanta: Quotes, News
BSE 268.80BSE Quote1.55 (0.58%)
NSE 268.85NSE Quote1.55 (0.58%)
Cairn India: Quotes, News
BSE 292.85BSE Quote1.6 (0.55%)
NSE 292.95NSE Quote1.65 (0.56%)
According to a Reuters reports Britain's Cairn Energy Plc is set to vote against Vedanta Ltd's $2.3 billion buyout offer for Cairn India's minority shareholders, the Financial Times said on Wednesday, citing people familiar with the situation.

Vedanta is the largest shareholder in Cairn with a near 60 per cent stake.

Financial institutions had also been resenting the merger of Cairn and Vedanta. While earlier Life Insurance Corporation which holds a near 16 per cent stake in the company had shown its unhappiness, now reports suggest that United India Insurance is also unhappy with the move.

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