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

Reuters 

(Reuters) - Cairn Energy said on Monday it would write down the value of its investment in Vedanta Ltd after Indian tax authorities sold $216 million worth of its shares in the Indian mining 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 Vedanta Ltd after the sale, while warning that it was possible that the Indian tax department might make further sales. (Reporting by Arathy S Nair in Bengaluru; editing by Patrick ...

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