Cairn India fell 3.68% to Rs 280 at 10:50 IST on BSE as Brent crude oil prices dropped to its lowest level in three years.
Meanwhile, the BSE Sensex was up 102.32 points, or 0.37%, to 27,962.70.
On BSE, so far 1.40 lakh shares were traded in the counter, compared with an average volume of 1.46 lakh shares in the past one quarter.
The stock hit a high of Rs 288 and a low of Rs 278.60 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 272.65 on 16 October 2014.
The stock had underperformed the market over the past one month till 3 November 2014, falling 4.58% compared with 4.86% rise in the Sensex. The scrip had also underperformed the market in past one quarter, falling 7.11% as against Sensex's 9.34% rise.
The large-cap company has an equity capital of Rs 1874.81 crore. Face value per share is Rs 10.
Brent crude oil prices dropped to its lowest level in three years after Saudi Arabian Oil Co. lowered the cost of its crude to the US, where production is the highest in three decades. Brent crude for December delivery was off 35 cents at $82.47 a barrel. The contract had fallen sharply by $1.96 to settle at $82.82 a barrel during the previous trading session, its lowest close since 21 October 2010.
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 fell 32.7% to Rs 2277.88 crore on 14.4% fall in net sales to Rs 3982.05 crore in Q2 September 2014 over Q2 September 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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