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Cairn says Indian tax office sells $216 million of Vedanta shares


(Reuters) - said on Monday it would write down the value of its investment in after Indian tax authorities sold $216 million worth of its shares in the Indian company.

Cairn said that it would continue to fight the Indian authorities in an arbitration case over a more than $1 billion retrospective tax bill with final hearings in two weeks.

Cairn said it still holds about 3 percent in after the sale, while warning that it was possible that the Indian tax department might make further sales.

(Reporting by in Bengaluru; editing by Patrick Graham)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Mon, July 09 2018. 12:04 IST