Cairn India gains on talk of indemnity from former promoter for tax demand

According to a PTI report, Cairn India has full indemnity from its former promoter, Cairn Energy of the UK, against levy of any tax for past deeds

Shares of Cairn India were up 2% at Rs 152 on the Bombay Stock Exchange after reports suggested that the company has full indemnity from its former promoter UK-based Cairn Energy against any retrospective tax demand.

Cairn India has full indemnity from its former promoter, Cairn Energy of the UK, against levy of any tax for past deeds, including the two-year Rs 20,495 crore retrospective tax demand, new owner Anil Agarwal has said, a PTI report suggests. (Click for the full report).

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The stock opened at Rs 151 and touched a high of Rs 153. At 9:50am, over 693,000 shares were traded on both the stock exchanges.