Cairn India nears 52-week low as oil prices fall further

The stock dipped nearly 3% to Rs 229, extending its previous day's 3% fall on NSE.

SI Reporter Mumbai
Last Updated : Jan 07 2015 | 11:48 AM IST
Shares in Cairn India has dipped nearly 3% to Rs 229, extending its previous day’s 3% fall on NSE, as oil prices fell further. The stock is currently trading nears to its 52-week low of Rs 228, touched on December 17, 2014.

Crude oil prices have plunged more than 55% since June, when benchmark Brent traded above $115 a barrel and U.S. crude above $107.

In Tuesday's session, Brent settled down $2.01 at $51.10 a barrel. It came close to testing the $50 support, falling to a May 2009 low of $50.52. In the first two days of this week, Brent has lost $5.32, or almost 10%, the Reuters report suggests.

Lower crude oil prices will result in lower realizations from crude sales for oil exploration firms like Cairn India.
 

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First Published: Jan 07 2015 | 11:46 AM IST

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