Cairn India shares surge on Vedanta announcement

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Cairn
Mumbai, Aug 17: On the announcement of its UK parent company, Cairn Energy's decision to sell 60 per cent stake in Indian arm to Vedanta Resources, Cairn India shot up over 2 per cent on the Bombay Stock Exchange (BSE).

Shares of the company surged 2.38 per cent to Rs 340.80 on the BSE while on NSE the shares surged 7.7 per cent to Rs 358.70 in the early trade on Tuesday, Aug 17.

After Cairn India discovered the nation"s largest onland oil field in Rajasthan, Cairn Energy said it will sell 60 per cent stake to Vedanta Group for USD 9.6 billion at Rs 405 per share.

The Edinburgh-based parent company holds 62.37 per cent stake in Cairn India.

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