Cairn India Ltd shares down almost 5 per cent

MUMBAI: Shares of Cairn India Ltd, operator of the nation's biggest onland oilfield, today slumped almost 5 per cent even as the company reported 18 per cent rise in fourth-quarter profit. Cairn India's stock ended the day 4.92 per cent lower at Rs 334.95 on the BSE. During the day, the scrip had slipped 5.59 per cent to Rs 332.60.

On the NSE, it lost 4.92 per cent to close the day at Rs 335.05. "Cairn India's Q4 FY14 adjusted net profit was in-line with our estimate. The company's top-line increased to Rs 5,049 crore, below our expectation due to increase in both volumes as well as realisations in INR terms," said Bhavesh Chauhan, Senior Research Analyst - Oil & Gas, Angel Broking.

Net profit in the January-March quarter rose to Rs 3,035 crore, or Rs 15.85 per share, from Rs 2,564 crore, or Rs 13.41 a share, a year ago, the company said on Wednesday.

Sales climbed 16 per cent to Rs 5,049 crore. Cairn declared a final dividend of Rs 6.50 per share, entailing an outflow of Rs 1,451 crore including dividend distribution tax. For the full 2013-14 fiscal, net profit rose 4.3 per cent to Rs 12,431.79 crore. Sales increased to Rs 18,761.70 crore from Rs 17,524.15 crore in 2012-13.