Cairn India down 3%; UK parent to sell stake in co again

[caption id=“attachment_467220” align=“alignleft” width=“450”] Reuters[/caption]

Shares in Cairn India fell over 2 percent in opening trade after Cairn Energy was set to sell an 8 percent stake in its former unit for up to $940 million, in the second such deal in three months.

Cairn Energy held 18.3 percent of Cairn India as of end-June, stock exchange data showed. After its latest share offering, its stake will fall to about 10 percent.

Cairn India is currently down 2.95 percent at Rs 335.75 on BSE, while the Sensex is up 0.23 percent.

Reuters