Cairn India has dipped 4% to Rs 313 after the company said its MD and CEO, Rahul Dhir, has decided to step down effective August 31, 2012 to pursue his entrepreneurial interests.
Rahul Dhir, the face of Cairn India since the company was listed in early 2007, has quit eight months after Vedanta completed the acquisition of the company.
“Dhir has led Cairn India since its inception in 2006 and was instrumental in the successful IPO in January 2007. Under his leadership, Cairn India has grown into one of the leading oil & gas companies in India, with a market capitalization of over $11 billion,” Cairn India said in a filing.
The stock opened at Rs 316 and has seen 3.66 million shares change hands in opening deals on both the exchanges.