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Cairn Energy share price drops on £560m Indian selloff

Cairn Energy’s share price on the London Stock Exchange (LSE) has slipped today (September 25th) on news the company is selling off nearly half of its remaining stake in its Indian subsidiary.

The Edinburgh-headquartered organisation said it expected to raise some $910 million (£560 million) from the sale of its eight per cent interest in Cairn India, leaving it with a ten per cent stake in its operations on the subcontinent.

In the latter months of 2011, Cairn Energy sold off a 40 per cent stake in its Indian arm to Vedanta, leaving it with 21.8 per cent of the company and in July it announced the sale of a further $360 million in shares – or 3.5 per cent of the business.

Cairn Energy is currently 1.3 per cent lower on the LSE, sliding to a share price of 281.20p.

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