Cairn India lost 1.45% to Rs 323.60 at 11:47 IST on BSE as US crude oil futures fell for a third day after US President Obama called for a pause on authorizing a military strike against Syria, easing concerns of disruption in Middle East oil exports.
Meanwhile, the S&P BSE Sensex was down 75.04 points or 0.38% at 19,922.05.
On BSE, 57,000 shares were traded in the counter as against average daily volume of 1.84 lakh shares in the past one quarter.
The stock hit a high of Rs 329.90 and a low of Rs 323.15 so far during the day. The stock had hit a 52-week low of Rs 267.90 on 28 March 2013. The stock had hit a 52-week high of Rs 365.90 on 17 September 2012.
The stock had outperformed the market over the past one month till 10 September 2013, surging 11.48% compared with the Sensex's 6.43% rise. The scrip had also outperformed the market in past one quarter, jumping 13.4% as against Sensex's 2.86% rise.
The large-cap company has equity capital of Rs 1910.48 crore. Face value per share is Rs 10.
US crude oil futures for October 2013 delivery were down 32 cents a barrel at $107.07 a barrel in the electronic trading today, 11 September 2013. The contract had fallen $2.13 a barrel or 1.94% to settle at $107.39 a barrel on the New York Mercantile Exchange on Tuesday, 10 September 2013, its lowest closing level since 4 September 2013. Lower crude oil prices will result in lower realizations from crude sales for oil exploration firms like Cairn India.
US President Barack Obama called for diplomacy in dealing with chemical weapons in Syria but kept open the possibility of military action against the Assad regime. Obama late Tuesday said he was sending US Secretary of State John Kerry to Geneva to meet Russian Foreign Minister Sergey Lavrov to work out details of a plan to have Syria, led by President Bashar al-Assad, give its chemical weapons stockpile to the international community. Obama had called for potential strikes against Syria in retaliation for Syria's use of chemical weapons against civilians in late August. But with a diplomatic solution on the table, Obama asked Congress to delay a vote on whether to authorize military strikes.
Cairn India's consolidated net profit fell 18.3% to Rs 3127.23 crore on 8.5% decline in net sales to Rs 4062.93 crore in Q1 June 2013 over Q1 June 2012.
Cairn India is primarily engaged in the business of oil and gas exploration, production and transportation. The company sells its oil to major refineries in India and its gas to both public sector units and private buyers.
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