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Cairn India shares down nearly 4% as Q1 net falls

Bombay Stock Exchange, Sensex

Mumbai- Shares of Cairn India fell by nearly 4 per cent today after the company reported a 24 per cent drop in June quarter net profit.

The stock lost 3.65 per cent to touch its one-year low of Rs 156.80 at the BSE.

On the NSE, it went down 3.66 per cent to Rs 156.60  its 52-week low.

Cairn India, the operator of nation’s biggest onshore oilfield, yesterday reported a 24 per cent drop in June quarter net profit due to a slide in international oil prices.

Net profit in April-June at Rs 835 crore, or Rs 8.36 per share, was 24 per cent lower than Rs 1,093 crore, or Rs 18.17 a share, in the same period a year ago, the company said in a statement.

Turnover fell 41 per cent to Rs 2,627 crore.

Cairn got USD 56 per barrel for oil it sold in the first quarter of the current fiscal, 42 per cent lower than USD 97 a barrel realisation in the year-ago period.

Oil production from its prime Rajasthan block was 6 per cent down at 1,72,224 barrels per day.

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