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Cairn is hit by GBP 500m plunge
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CAIRN Energy lost about GBP 500 million, almost a quarter of its
market value, in morning trading today as markets reacted to downbeat
statements from the Edinburgh-based oil and gas explorer.
Shares in Cairn plunged by more than 25 per cent today, making it
the biggest faller on the FTSE-100 index of blue-chip UK firms, as
the company reported disappointing results from an extended
exploration area in Rajastan.
It also said that the Indian government believed it should pay a
tax on the production of crude oil.
ABN Amro, Cairn's house broker, cut its investment rating on the
firm's shares ...
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