Cairn India lost 0.84% to Rs 320.20 at 11:48 IST on BSE as US crude oil futures traded near the lowest level in more than 4 months amid speculation crude inventories increased for a seventh week in United States, the world's biggest oil consumer.
Meanwhile, the S&P BSE Sensex was down 194.31 points or 0.91% at 21,045.05.
On BSE, 38,000 shares were traded in the counter as against average daily volume of 2.01 lakh shares in the past one quarter.
The stock hit a high of Rs 323.45 and a low of Rs 317.30 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 349.90 on 22 January 2013.
The stock had underperformed the market over the past one month till 3 November 2013, sliding 1.09% compared with the Sensex's 6.72% rise. The scrip had also underperformed the market in past one quarter, advancing 8.88% as against Sensex's 10.83% rise.
The large-cap company has equity capital of Rs 1910.62 crore. Face value per share is Rs 10.
US crude oil futures for December 2013 delivery were up 7 cents a barrel at $94.69 a barrel in the electronic trading today, 5 November 2013. The contract had inched up 1 cent a barrel or 0.01% to settle at $94.62 a barrel on the New York Mercantile Exchange on Monday, 4 November 2013. Lower crude oil prices will result in lower realizations from crude sales for oil exploration firms like Cairn India.
The United States will account for about 21% of global oil demand this year, compared with 11% for China, the second-largest oil consumer, according to forecasts from the International Energy Agency (IEA).
Cairn India's consolidated net profit jumped 45.8% to Rs 3385.08 crore on 4.7% growth in net sales to Rs 4649.91 crore in Q2 September 2013 over Q2 September 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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