Cairn India slips nearly 6% on Vedanta merger buzz
According to news reports, Vedanta is in final stages to announce merger of Cairn India, a listed oil and gas explorer, with itself.
Shares of Cairn India today fell nearly 6% amid reports that metal and mining giant Vedanta is considering merger of the company with itself.
The Cairn India stock fell 5.56% to Rs 170.60 - its 52-week low - on BSE.
On NSE, it was down 5.69% at Rs 170.55. Shares of Vedanta, however, rose 4.15% to Rs 184.40 on BSE.
According to news reports, Vedanta is in final stages to announce merger of Cairn India, a listed oil and gas explorer, with itself.
The move may give the parent access to Cairn's cash and help reduce debt, the reports said.
Meanwhile, the benchmark BSE Sensex was quoting flat at 26,522.81.