Cairn India at 5-yr low on tax notice to Cairn Energy
Cairn India fell to its lowest level since August 2009 after the Income Tax Department slapped $1.6 billion tax demand on the energy arm of Cairn PLC. Taxman has alleged Rs 24,500-crore worth of capital gains were made while transferring assets to India unit. Cairn Energy, meanwhile, has tumbled 17 per cent on the London Stock Exchange.
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