Cairn India dips as Brent crude hits 4-year low

The stock dipped 4.5% to Rs 278 on National Stock Exchange.

Cairn India has dipped 4.5% to Rs 278 on National Stock Exchange (NSE) in otherwise firm market as Brent crude oil prices dropped to its lowest level in four years. The CNX Nifty up 0.19%, hits a new high of 8,364 in intra-day trade today.

Cairn India is primarily engaged in the business of oil and gas exploration, production and transportation. Lower crude oil prices will result in lower realization from crude sales for oil exploration firms such as Cairn India.

Brent crude oil fell more than 3% to its lowest level in more than four years at near $82 a barrel on Tuesday, after top oil exporter, Saudi Arabia cut sales prices to the United States, the Reuters report suggests.

The stock opened at Rs 286 and touched a low of Rs 277 on NSE. A combined 1.81 million shares changed hands on the counter so far on NSE and BSE.