 "Cairn-Vedanta merger")
The acquisition of Cairn India by Vedanta failed to cheer the shareholders of the oil producer. The merger was completed on Tuesday.
Since the acquisition was first announced in August 2010, Cairn India shareholders have lost 7.17% of market value. This is despite the company’s share price doubling in the past one year on the back of stable crude oil prices.
As of Wednesday, the market value of Cairn India was Rs 58,000 crore.
When Vedanta announced the acquisition in 2010, crude oil prices were about $75 a barrel. Since then, oil prices fell 26% to about $55.62 a barrel
