 "Further decline in crude prices hurt Vedanta; stock slips 2%")
Shares of Vedanta slipped 2% to Rs 179 on the Bombay Stock Exchange ( BSE) after, its subsidiary and one of the largest independent oil and gas exploration and production companies in India, Cairn India dropped over 3% on further decline in crude oil prices.
The Organization of the Petroleum Exporting Countries (OPEC) on Friday agreed to keep the production target of 30 million barrels of oil per day unchanged which is likely to add to the further decline in the oil prices due to oversupply glut.
Earlier, Vedanta acquired an additional 4.98% stake in Cairn India for nearly Rs 2,060 crore. Post the acquisition, Vedanta's stake in Cairn is quoting at 23.71% from 18.73%.
Shares of Vedanta opened at Rs 183, touched a low of Rs 178 on the BSE. Meanwhile, shares of Cairn India opened at Rs 181 and touched a low of Rs 181 on the BSE.
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