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Shares of Cairn India Ltd fell on Tuesday in early trade. Macquarie has downgraded the stock to "neutral" from "outperform".
At 10.05 am, Cairn shares were down 1.57 per cent or Rs 4.05 at Rs 253.70 on the BSE.
Cairn is the most exposed to crude oil prices - arguably even among peers in Asia, according to Macquarie.
Increasing government share, end of income tax holiday in FY17, and a backended uptick in projected production profile are other fundamental factors, it added.
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