Shares of Cairn India today jumped over 3 per cent to hit a 52-week high on the Bombay Stock Exchange amid reports of its takeover by Vedanta Resources, which is likely to announce its buyout of a controlling stake in the oil explorer today.
Cairn India jumped 3.53 per cent to touch a year high of Rs 368 on BSE.
On the National Stock Exchange, the stock was trading at Rs 359.25, up 1.07 per cent. In terms of volume, a total of over 52 lakh shares of the company changed hands on the bourses, amid a flat market.
Edinburgh-based Cairn Energy is selling the majority of its 62.37 per cent stake in Cairn India to Vedanta. But the deal is contingent upon the government approval.
The BSE oil and gas index was also trading higher by 22.11 points at 10,159.78 at 10:34 hrs.
Meanwhile, the broader market Sensex was flat down by 5.87 points at 18,161.16.