Cairn India hits 52-week low on sharp slide in crude oil prices

Cairn India lost 2.32% to Rs 250.85 at 11:20 IST on BSE after the global crude oil prices tumbled yesterday, 10 December 2014.

Meanwhile, the BSE Sensex was down -230.62 points, or 0.83%, to 27,600.48.

On BSE, so far 96,861 shares were traded in the counter, compared with an average volume of 1.9 lakh shares in the past one quarter.

The stock hit a high of Rs 255 in intraday trade. The stock hit a low of Rs 250.25 so far during the day, which was also a 52-week low for the stock. The stock hit a 52-week high of Rs 385 on 11 June 2014.

Shares of oil exploration firm had underperformed the market over the past one month till 10 December 2014, falling 7.64% compared with 0.16% fall in the Sensex. The scrip had also underperformed the market in past one quarter, declining 22.8% as against Sensex's 2.86% rise.

Brent crude ticked higher but remained below $65 per barrel, and not far above five-year lows hit in the previous session, with the market's bearish tone largely intact. Brent for January settlement was up 55 cents a barrel at $64.79 a barrel. The contract had slumped $2.60 a barrel to settle at $64.24 during the previous trading session.

Fall in crude oil prices would result in lower realizations from crude sales for oil exploration firms such as Cairn India.

Cairn India's consolidated net profit fell 32.7% to Rs 2277.88 crore on 12% decline in total income to Rs 4568.33 crore in Q2 September 2014 over Q2 September 2013.

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