Cairn shares bounce back; ends higher

Recouping its initial losses, shares of Cairn India today settled with 2.5 per cent gains on value-buying, even as the company reported its biggest loss of Rs 241 crore in the fourth quarter ended March 31.
After falling 5.33 per cent to Rs 202.20 -- its 52-week low in intra-day trade on the BSE, shares of Cairn India bounced back and ended 2.46 per cent higher at Rs 218.85 on fag-end value buying.
On the NSE, the stock closed 2.36 per cent up at Rs 218.65.
Cairn India yesterday reported its biggest loss of Rs 241 crore in the fourth quarter ended March 31 mainly on account of one-time impairment loss in Sri Lanka, low oil prices and forex loss.

Net loss of Rs 241 crore, or negative earning per share of Rs 1.28, was against net profit of Rs 3,035 crore, or Rs 15.85 a share in the same period a year ago, the company had said in a statement.
This is the first loss that the company suffered since reporting Rs 13.9 crore loss in October-December quarter of 2007.
Sequentially, it had reported Rs 1,350 crore profit for the third quarter of 2014-15 fiscal.