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Shares of Cairn India have dropped over 1% to Rs 255 on the BSE after a global investment banking and diversified financial services group, Macquarie downgraded the stock to "neutral" from "outperform".
Since, Cairn and its JV partners’ account for more than a fifth of India’s domestic crude oil production, it is most exposed to crude prices.
According to Macquarie, an increase in government share, end of income tax holiday in FY17, and a backended uptick in projected production profile are fundamental factors resuting in the downgrade.
The stock opened at Rs 256, touched a high of Rs 257 and a low of Rs 254 on the BSE. A total of 53,895 shares changed hands on the BSE so far.
