Cairn India shares fall nearly 4 per cent on Q1 result

Shares of Cairn India fell by nearly 4 per cent on Wednesday 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 Bombay Stock Exchange (BSE).

On the National Stock Exchange (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, on Tuesday 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 $56 per barrel for oil it sold in the first quarter of the current fiscal, 42 per cent lower than $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.

Shares of the company closed at Rs 166.95 apiece, up 2.58 per cent on Wednesday.