Cairn India Shares Dip Over 5% On Biggest Quarterly Loss

Mumbai: Shares of Cairn India fell by over 5 per cent on Monday after the company reported its biggest quarterly loss of Rs 10,948 crore in the quarter ended March 31.

The stock after a weak opening further lost 5.11 per cent to Rs 143.65 on BSE. At NSE, it went down by 5.11 per cent to Rs 143.90. On Friday, Cairn India had reported its biggest quarterly loss of Rs 10,948 crore in the quarter ended March 31, mainly because of impairment loss on goodwill and non-producing oil and gas assets due to drop in oil prices.

The company reported a net loss of Rs 240.82 crore in the year-ago period, it had said in a statement.

“Due to decline in crude oil prices in the international market, the Group has recorded an impairment on the carrying value of goodwill and some of its non-producing oil and gas assets aggregating to Rs 11,389.63 crore and Rs 284.17 crore respectively,” it said.

Turnover fell 36 per cent to Rs 1,717 crore on lower oil prices.