Cairn India has dipped 5% to Rs 301, extending its around 5% fall in past three trading days, after Brent crude oil prices fell to a 16-month low, due to weak U.S. and Chinese economic data.
“Brent crude oil prices fell for a fourth straight day on Friday, drop under $100 at $98.43 a barrel, the weakest close since January 27, 2011. The Brent crude is down over 23% from its 2012 peak of more than $128 a barrel in early March,” the Reuters report suggests.
Lower crude oil prices will result in lower realization from crude sales for oil exploration firms such as Cairn India.
A combined 1.02 million shares have changed hands on the counter till early noon trades on the NSE and BSE.