Shares of Cairn India fell by nearly 4% in morning trade on the bourses today after the company's net profit halved to Rs 763 crore for the quarter ended September 30.
The company's shares got off to a weak start on the BSE and fell by 3.7% to a low of Rs 283. A similar trend was witnessed on the NSE, where the stock lost 3.64% to Rs 282.85.
Cairn India's net profit halved to Rs 763 crore in the quarter ended September 30, as it has assumed the liability for payment of royalty on its share of production from the mainstay Rajasthan oilfields.
The company's net profit fell by 51% to Rs 763 crore in the July-September quarter from Rs 1,585.1 crore in the same period a year ago.
Meanwhile, the benchmark Sensex was trading 67.16 points higher at 17,004.05 at 1045 hours.
