Cairn India tanks 8% on huge block deals

Cain India has tanked almost 8% to Rs 303 in otherwise firm market in the early trades on back of huge block deals on the BSE and NSE.

A combined 96.06 million shares have already changed hands on the counter in morning trades on both the exchanges, as against an average of less than two million shares that were traded daily in past two weeks. The stock opened at Rs 318.80 and hit a low of Rs 302.60 on the National Stock Exchange.

According to media reports, the company’s UK-based parent firm, Cairn Energy Plc, plans to sell more stake in its Indian subsidiary.

“Cairn Energy Plc, plans to sell a further 67 million shares or 3.5% stake in the Indian arm at a price between Rs 307 and Rs 317, a discount to the stock’s closing price of Rs 327.50 per share on Thursday,” the report suggests.