Cairn India lost 1.51% to Rs. 303.05 at 14:38 IST on BSE after crude price fell 71 cents to $98.70 a barrel in the Asian trade today, 12 December 2011.
Meanwhile, the BSE Sensex was down 221.39 points, or 1.37% to 15,992.07.
On BSE, 1.16 lakh shares were traded in the counter as against average daily volume of 6.93 lakh shares in the past one quarter.
The stock hit a high of Rs. 312 and a low of Rs. 298.55 so far during the day. The stock had hit a 52-week low of Rs. 250 on 26 August 2011. The stock had hit a record high of Rs. 372 on 5 April 2011.
The large-cap stock had outperformed the market over the past one month till 9 December 2011, falling 1.46% compared with the Sensex's 6.62% fall. The scrip had also outperformed the market in past one quarter, gaining 8.36% as against 3.87% decline in the Sensex.
The company has an equity capital of Rs. 1902.88 crore. Face value per share is Rs. 10.
Lower crude oil prices will result in lower realization from crude sales for oil exploration firms like Cairn India. Crude oil prices extended last week's decline, as concern Europe will be unable to tame its debt crisis countered signs Iran will call for production cuts at OPEC's Dec. 14 meeting. Crude futures had lost 1.5% in the five days to Friday, 9 December 2011. Prices are up 8.1% this year after climbing 15% in 2010.
On a consolidated basis, Cairn India's net profit fell 51.9% to Rs. 763.03 crore on 1.3% decline in net sales to Rs. 2652.20 crore in Q2 September 2011 over Q2 September 2010.
Cairn India is engaged in oil and gas exploration, production and transportation. The company sells its oil to major refineries in India and its gas to both state run and private buyers.
