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Cairn India Shares Slide As Company Posts Record Quarterly Loss

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Shares in Cairn India fell sharply as the company's losses mounted with the private sector energy player, reporting a loss of Rs 10,948 crores. Cairn India took an hit on account of impairment charges of Rs 11,674 crore in Q4.

Cairn India Shares Slide As Company Posts Record Quarterly Loss
"The impairment of Rs 11,674 crore largely reflects the lower crude price, prevailing discount of RJ crude as well as adverse long term impact of revised Cess. All the company's projects including Bhagyam and Aishwariya EOR, Aishwariya Barmer Hill as well as the RDG project remain viable at the price assumptions taken," the company said in a release to the exchanges.
 

The shares of Cairn India were last trading at Rs 146, down almost 3.5 per cent on the NSE.

Mayank Ashar, Managing Director and CEO of Cairn India commented: "The Cairn team has delivered a resilient performance in a challenging year. Drive for cost efficiency and

rationalization of capital investment have aided free cash generation despite crude prices plummeting to a 12 year low.

We are delighted to recommend a dividend of Rs 3 per Equity share for the year.

Our commitment towards technology and innovation has enabled us to successfully execute one of the world's largest EOR project at Mangala. Adopting cutting edge fraccing technology in RDG field has demonstrated excellent results in tapping the gas potential for future growth. The company continues with its pre-development activities to be future ready to tap the resource base," he noted.

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