Cairn zooms on stake increase by Petronas

The stock ended at Rs 292, up 4% from the previous close. The counter witnessed trades of 1.6 million shares as compared to the two-week daily average traded volumes of 708,070 shares on the BSE.
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(Updated at 1030hrs)

Cairn India is trading at the day's high of Rs 295, up Rs 15 or 5%, on the BSE. The stock had opened the day at Rs 283.

Malaysia’s Petronas International Corporation Ltd, the overseas arm of Petroliam Nasional Berhad (Petronas), has increased its stake in Cairn India to 14%. It acquired 43.6 million shares in Cairn India from Cairn Plc, representing a 2.3% in the Indian company, marginally short of reaching the open offer threshold.