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BUZZ-Cairn Energy: Stake in Cairn India may be put on block
June 22, 2017 / 8:08 AM / 2 months ago

BUZZ-Cairn Energy: Stake in Cairn India may be put on block

** Oil explorer Cairn Energy's shares down 3.4 pct at 166.7 pence - among top losers on FTSE mid cap index

** Cairn Energy's 9.8 pct stake in Cairn India may be put on the block as part of recovery proceedings initiated late last week by the Indian government, newspaper Business Standard reported citing sources

** The stake, valued at around 52 billion rupees ($806.14 million), may be auctioned or reverse auctioned the newspaper reported, citing sources. Link: bit.ly/2twkPHn

** The company may also face a penalty of around 300 pct, amounting to 300 billion rupees, Business Standard said

** Shares touch a more than one year low of 164.2 pence; up to Wednesday's close, stock had fallen about 27 pct this year ($1 = 64.5050 Indian rupees)

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