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
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.