 "Cairn India extends fall; down 8% in two-days")
Shares of Cairn India continued its southward journey, down 4% at Rs 216, also its fresh five-year low on BSE. Currently, the stock is trading at its lowest level since July 2009.
In past two trading sessions, the stock was down 8% after Income Tax Department slapped a Rs 20,495 crore tax demand on Cairn India for failing to deduct withholding tax on alleged capital gains made by its erstwhile promoter, Cairn Energy Plc.
Cairn India said it does not agree with this alleged demand and will pursue all possible options to protect its interest.
Meanwhile, in past eight trading sessions the stock plunged 15% from Rs 253 on March 3, 2015 after the company said it has more than halved its capital expenditure (capex) in 2015-16 because of drop in oil price. The S&P BSE Sensex was down 3.9% during the same period.
In past two trading sessions, the stock was down 8% after Income Tax Department slapped a Rs 20,495 crore tax demand on Cairn India for failing to deduct withholding tax on alleged capital gains made by its erstwhile promoter, Cairn Energy Plc.
Cairn India said it does not agree with this alleged demand and will pursue all possible options to protect its interest.
Meanwhile, in past eight trading sessions the stock plunged 15% from Rs 253 on March 3, 2015 after the company said it has more than halved its capital expenditure (capex) in 2015-16 because of drop in oil price. The S&P BSE Sensex was down 3.9% during the same period.