Cairn India slumps as Jan-March earnings disappoint

Written by Reuters | Updated: Apr 26 2014, 00:11am hrs
Shares in Cairn India Ltd slump 4.5 percent as its net profit lags some analysts' estimates, especially after adjusting for other income.

Cairn India's January-March net profit rose 18.4 percent to 30.35 billion rupees ($497.1 million) from a year earlier, the company said in a statement after the market close on Wednesday.

The oil and gas explorer's net profit was helped by a more than fourfold jump in other income to 3.20 billion rupees from a year earlier.

Dealers also cite disappointment over the company's production outlook at its Rajasthan block.