According to news reports, Vedanta is in final stages to announce merger of Cairn India, a listed oil and gas explorer, with itself. (Image: Cairn website)
Shares of Cairn India on Tuesday fell nearly 6 per cent intraday amid reports that metal and mining giant Vedanta is considering merger of the company with itself.
The Cairn India stock fell 5.56 per cent to Rs 170.60 – its 52-week low – on BSE. On NSE, it was down 5.69 per cent at Rs 170.55.
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Shares of Vedanta, however, rose 4.15 per cent to Rs 184.40 on BSE.
According to news reports, Vedanta is in final stages to announce merger of Cairn India, a listed oil and gas explorer, with itself. The move may give the parent access to Cairn’s cash and help reduce debt, the reports said.
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