Cairn India dips on huge Q4 loss

Loss for the the quarter ended March 31, 2016 stood at Rs 10,948 crore

Shares of Cairn India were down over 3% at Rs 146 on the Bombay Stock Exchange after the company reported a huge loss in the fourth quarter ended March 31, 2016.

For the quarter ended March 31, 2016 stood the company registered a loss of Rs 10,948 crore compared to a loss of Rs 241 crore in the same quarter last fiscal.

The loss was on account of impairment of Rs 11,674 crore due to lower crude prices, prevailing discount of Rajasthan crude as well as adverse long term impact of revised cess, the company said in a release.

Net revenue for the quarter under review also declined 36% to Rs 1,717 crore compared to Rs 2,677 crore for the quarter ended March 31, 2015.

The stock opened at Rs 145 and touched a low of Rs 144. At 11:20am, over 3.28 million shares were traded on both the stock exchanges.