Cairn India dips on block deal

Cairn Energy had planned to sell 8 per cent stake in the company

Cairn India has slipped 2.8 per cent to Rs 336 on the Bombay Stock Exchange (BSE) on block deal. According to reports, Cairn Energy had planned to sell an 8 per cent stake in India-focused oil explorer, Cairn India, in a deal that could raise up to $940 million.

The stock opened at Rs 327 and touched an intra-day high of Rs 341.20. As many as 2,696,829 shares have been traded on the BSE and around 160,972,883 shares have changed hands on the National Stock Exchange (NSE).