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 203.35BSE Quote3.7 (1.82%)
NSE 203.10NSE Quote4.5 (2.22%)
Cairn India: Quotes, News
BSE 231.85BSE Quote3.95 (1.70%)
NSE 232.10NSE Quote3.65 (1.57%)
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.

Read more about: cairn india, vedanta
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