Cairn India declined 1.41% to Rs 254.10 at 10:35 IST on BSE as global crude oil prices extended recent steep losses to hit lowest level in five years.
Meanwhile, the BSE Sensex was up 7.62 points, or 0.03%, to 28,127.02.
On BSE, so far 61,603 shares were traded in the counter, compared with an average volume of 1.92 lakh shares in the past one quarter.
The stock hit a high of Rs 257.20 so far during the day. The stock hit a low of Rs 253.50 in intraday trade, which was also a 52-week low for the stock. 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 8 December 2014, falling 6.48% compared with 0.9% rise in the Sensex. The scrip had also underperformed the market in past one quarter, declining 23.69% as against Sensex's 2.93% rise.
The large-cap firm has an equity capital of Rs 1874.83 crore. Face value per share is Rs 10.
Fall in crude oil prices would result in lower realizations from crude sales for oil exploration firms such as Cairn India.
Brent crude slipped to its lowest level in five years today, 9 December 2014, dropping below $66 a barrel after plunging more than 4% the day before on worries over a deepening supply glut. Brent for January settlement was off 76 cents a barrel at $65.43 a barrel. The contract had lost $2.88 a barrel to settle at $66.19 a barrel during the previous trading session yesterday, 8 December 2014.
The chief executive of Kuwait's national oil company reportedly on Monday, 8 December 2014, said oil prices were likely to remain around $65 a barrel for the next six or seven months, the latest indication that Gulf producers are ready to ride out plunging prices.
Cairn India's consolidated net profit fell 32.7% to Rs 2277.88 crore on 12% decline in total income to Rs 4568.33 crore in Q2 Septemeber 2014 over Q2 September 2013.
Cairn India is an independent oil and gas exploration and production companies in India. Cairn India has a portfolio of 9 blocks - one block in Rajasthan, which contains multiple assets, two on the west coast and four on the east coast of India and one each in Sri Lanka and South Africa. Oil and gas is currently being produced from Rajasthan, Ravva and Cambay. Cairn India is part of the Vedanta Group, a globally diversified natural resources group with wide ranging interests in aluminium, copper, zinc, lead, silver, iron ore, etc.
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