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Cairn India recoups loss, shares end 7% up
Shares of Cairn India bounced back 7 percent Wednesday, a day after it saw selling pressure in the wake of Vedanta merger reports.
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Mumbai: Shares of Cairn India bounced back 7 percent Wednesday, a day after it saw selling pressure in the wake of Vedanta merger reports.
The stock surged 7.07 percent to settle at Rs 184.80 on the BSE. During the day, it jumped 12.22 percent to Rs 193.70.
On the NSE, it rallied 6.76 percent to Rs 184.70.
The stock had lost 4.5 percent yesterday.
Market valuation of Cairn India rose by Rs 2,288.28 crore to Rs 34,647.28 crore.
Shares of Vedanta were up 1.26 percent at Rs 184.85 on the BSE today.
Billionaire Anil Agarwal-led group plans to merge its cash-rich oil and gas explorer Cairn India with its flagship metals and mining company Vedanta Ltd in an all-share deal, which would cut down the group's huge debt.
Vedanta had in 2011 acquired majority control of Cairn India for USD 8.67 billion. It held 59.9 percent in the oil explorer through its various units as on March 31.
The BSE benchmark Sensex closed at 26,840.50, up 359.25 points.
The stock surged 7.07 percent to settle at Rs 184.80 on the BSE. During the day, it jumped 12.22 percent to Rs 193.70.
On the NSE, it rallied 6.76 percent to Rs 184.70.
The stock had lost 4.5 percent yesterday.
Market valuation of Cairn India rose by Rs 2,288.28 crore to Rs 34,647.28 crore.
Shares of Vedanta were up 1.26 percent at Rs 184.85 on the BSE today.
Billionaire Anil Agarwal-led group plans to merge its cash-rich oil and gas explorer Cairn India with its flagship metals and mining company Vedanta Ltd in an all-share deal, which would cut down the group's huge debt.
Vedanta had in 2011 acquired majority control of Cairn India for USD 8.67 billion. It held 59.9 percent in the oil explorer through its various units as on March 31.
The BSE benchmark Sensex closed at 26,840.50, up 359.25 points.
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