Shares slip 4.5% on merger buzz
Shares of Cairn India today fell by 4.5 per cent amid reports that the metals and mining giant Vedanta is considering merging the company with itself. After falling 5.56 per cent to Rs 170.60 -- its 52-week low in intra-day trade, shares of Cairn India finally ended at Rs 172.60, down 4.46 per cent on the BSE. At the NSE, the stock closed the day with a loss of 4.34 per cent at Rs 173.
Shares of <g data-gr-id="15">Vedanta however</g> rose 3.11 <g data-gr-id="12">per cent</g> to end at Rs 182.55 on the BSE. “Cairn India was down by 5.5 <g data-gr-id="13">per cent</g> and Vedanta was up more than 4 <g data-gr-id="14">per cent</g> intra-day after market rumours suggested that metal giant Vedanta is in talks of merging Cairn India with itself,” said Rakesh Goyal, Senior Vice President, Bonanza Portfolio Ltd. According to media reports, Vedanta is in final stages to announce merger of Cairn India, a listed oil and gas explorer, with itself.