Cairn India lost 1.89% to Rs 355.35 at 15:12 IST on BSE as oil prices traded lower on reports that the militant insurgency hasn't spread to Iraq's south, the source of more than three-quarters of its oil output.
Meanwhile, the S&P BSE Sensex was down 482.08 points or 1.85% at 25,618.
On BSE, so far 2.19 lakh shares were traded in the counter as against average daily volume of 2.40 lakh shares in the past one quarter.
The stock hit a high of Rs 365.25 and a low of Rs 355.45 so far during the day. The stock hit a 52-week low of Rs 284.35 on 10 July 2013. The stock hit a 52-week high of Rs 385 on 11 June 2014.
The stock had underperformed the market over the past one month till 7 July 2014, sliding 3.13% compared with Sensex's 2.77% rise. The scrip had also underperformed the market in past one quarter, jumping 6.18% as against Sensex's 16.81% rise.
The large-cap company has equity capital of Rs 1910.90 crore. Face value per share is Rs 10.
Brent crude oil futures for August settlement were down 56 cents to $109.68 a barrel in electronic trade today, 8 July 2014. The contract had fallen 76 cents or 0.68% to settle at $110.24 on the London-based ICE Futures Europe exchange on Monday, 7 July 2014. Lower crude oil prices will result in lower realizations from crude sales for oil exploration firms like Cairn India.
Cairn India's consolidated net profit rose 18.4% to Rs 3035.44 crore on 15.7% growth in net sales to Rs 5048.89 crore in Q4 March 2014 over Q4 March 2013.
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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