Cairn India rallies as Cairn Energy may vote against Vedanta offer

The stock rallied nearly 13% to Rs 188, its sharpest intra-day gain since June 2009, on the National Stock Exchange.

Shares of Cairn India rallied nearly 13% to Rs 188, its sharpest intra-day gain since June 2009  on the National Stock Exchange (NSE), on media reports that Britain's Cairn Energy Plc is set to vote against Vedanta Ltd's buyout offer for Cairn India's minority shareholders.

Cairn Energy's objections were over "fundamental disagreements over valuations", and its preference for "holding an investment in an energy company rather than a distributed resources group," the Reuters report suggests, quoting the Financial Times. CLICK HERE TO READ FULL REPORT

As of June 30, 2015, Cairn UK Holdings Ltd held a 9.82% stake in Cairn India, the shareholding pattern data shows.

At 10:40 AM, the stock was up 6.5% at Rs 178 on the NSE and has seen huge trading volumes on the counter. A combined 7.05 million shares already changed hands as against an average sub-three million shares that were traded daily in the past two weeks on the NSE and BSE.