Cairn India tumbles on sharp slide in crude oil prices

Cairn India fell 3.30% to Rs 235.80 at 9:58 IST on BSE as oil prices slid to new five-and-a-half-year lows on Monday, 5 January 2014, on concerns about supply glut.

Meanwhile, the BSE Sensex was down 563.36 points, or 2.02%, to 27,278.96.

On BSE, so far 1.04 lakh shares were traded in the counter, compared with an average volume of 2.16 lakh shares in the past one quarter.

The stock hit a high of Rs 239.60 and a low of Rs 235.25 so far during the day. The stock hit a 52-week high of Rs 385 on 10 June 2014. The stock hit a 52-week low of Rs 228.40 on 17 December 2014.

The stock had underperformed the market over the past one month till 5 January 2015, falling 6.25% compared with 2.16% fall in the Sensex. The scrip had also underperformed the market in past one quarter, sliding 19.96% as against Sensex's 4.80% rise.

The large-cap company has an equity capital of Rs 1874.83 crore. Face value per share is Rs 10.

On Monday, 5 January 2015, Brent crude oil futures for February plunged $3.31 a barrel or 5.87% to close at $53.11 a barrel.

Oil prices, however, recovered slightly in Asian trading today, 6 January 2015. The contract was up 40 cents, or 0.75%, at $53.51 a barrel.

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 14.4% decline in net sales to Rs 3982.05 crore in Q2 September 2014 over Q2 September 2013.

Cairn India is an independent oil and gas exploration and production companies in India.

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