Cairn India fell 2.99% to Rs 275.60 at 13:06 IST on BSE as Brent crude fell to near four-year lows amid growing concerns over the global economy.
Meanwhile, the BSE Sensex was down 11.84 points, or 0.04%, to 26,337.49.
On BSE, so far 2.50 lakh shares were traded in the counter, compared with an average volume of 1.82 lakh shares in the past one quarter.
The stock hit a high of Rs 282 and a low of Rs 274 so far during the day. The stock hit a 52-week high of Rs 385 on 10 June 2014. The stock hit a 52-week low of Rs 274 on 16 October 2014.
The stock had underperformed the market over the past one month till 14 October 2014, falling 12.64% compared with 2.63% fall in the Sensex. The scrip had also underperformed the market in past one quarter, falling 16.11% as against Sensex's 5.37% rise.
The large-cap company has an equity capital of Rs 1874.79 crore. Face value per share is Rs 10.
Brent for November settlement was off 78 cents at $83 a barrel. The contract expires today, 16 October 2014. Brent for December settlement was off 84 cents at $83.42 a barrel.
Lower crude oil prices will result in lower realizations from crude sales for oil exploration firms like Cairn India.
On a consolidated basis, Cairn India's net profit fell 65.05% to Rs 1092.90 crore on 10.33% rise in total income from operations (net) to Rs 4482.85 crore in Q1 June 2014 over Q1 June 2013.
The steep fall in the company's bottom line was due to an exceptional deprecation charge of Rs 1627.39 crore with retrospective effect in Q1 June 2014 due to change in method of depreciation from Straight Line method (SLM) to the Unit of Production (UOP) method.
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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