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