Shares of Cairn India today fell nearly 6 per cent 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 the BSE.
On the NSE, the scrip was down 5.69 per cent at Rs 170.55.
Shares of Vedanta, however, rose 4.15 per cent to Rs 184.40 on the BSE.
Gitanjali Gems down 4% on worries of banks tightening lending norms for jewellers
— Rajalakshmi Nirmal (@crajalakshmic)
According to news reports, Vedanta is in final stages to announce the 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.
Meanwhile, the benchmark BSE Sensex was quoting flat at 26,522.81.