Cairn India tanks 7.75% as Cairn Energy sells 3.5% stake for over Rs 2,000 crore

MUMBAI: Shares of Cairn India tumbled over 7 per cent today, despite a strong stock market, following reports that UK's Cairn Energy today sold 3.5 per cent in it for over Rs 2,000 crore in an open market deal.

The company's shares tanked 7.75 per cent to Rs 302.10 on the BSE.

At the NSE, the scrip plunged 7.56 per cent to Rs 302.60. Cairn Energy, which had last year sold majority stake in its Indian unit to mining group Vedanta, today sold 3.5 per cent for over Rs 2,000 crore in an open market deal.

It had 21.8 per cent stake in Cairn India before today's deal. Cairn Energy sold 6.67 crore shares, or 3.5 per cent of the Indian company's equity, for about $ 360 million (over Rs 2,000 crore), the company said in a press statement here.

Following the sale, Cairn Energy retains an about 18.3 per cent shareholding in Cairn India.

Meanwhile, in the stocks market, the BSE benchmark Sensex was trading at 17,357.92, up 367.16 points.