- Cairn India tumbles along with crude oil price
Hot Pursuit Thursday, October 16, 2008 13:06 Hrs IST

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Cairn India tumbles along with crude oil price

Oil exploration firm Cairn India slumped 10.12% to Rs 152.25 at 12:53 IST on BSE as fall in crude oil price to a 14-month low today, 16 October 2008, will reduce realisations.

Meanwhile the BSE Sensex was down 463.19 points, or 4.29 %, to 10,345.93 on renewed and rising concerns of the global economic slowdown.

On BSE, 3.56 lakh shares were traded in the counter. The stock had an average daily volume of 11.16 lakh shares in the past one quarter.

The stock hit a 52-week low of Rs 151.25 in intra-day trade. It hit a high of Rs 159 so far during the day. The stock has a 52-week high of Rs 342.50 on 21 May 2008.

The large-cap stock had outperformed the market over the past one month till 15 October 2008, declining 17.43% as compared to the Sensex’s decline of 20.12%. It had underperformed the market in the past one quarter, falling 28.17% as compared to the Sensex’s decline of 14.73%.

The company’s current equity is Rs 1894.43 crore. Face value per share is Rs 10.

Light, sweet crude for November 2008 delivery fell $4.09 to $74.54 a barrel on the New York Mercantile Exchange today, 16 October 2008, amid fears that a global economic slowdown will reduce demand for energy. It is crude's level since 31 August 2007. Crude oil prices have steadily declined from a record high of $147.27 a barrel hit on 11 July 2008.

On 7 July 2008, Cairn India signed the agreement with the government of Sri Lanka for the exploration of oil and natural gas in the Mannar basin.

Cairn India reported a net loss of Rs 46.68 crore in Q2 June 2008 against net loss of Rs Rs 7.57 crore in Q2 June 2007. Sales rose 169.4% to Rs 0.97 crore in Q2 June 2008 over Q2 June 2007.

Cairn India explores and produces crude oil and natural gas in India.

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