Investors shy away from Cairn, Vedanta; stocks fall sharp
Shital Jibhe / 13 Apr 2017
Gas major Cairn India and metal biggie, Vedanta were talk of the Dalal Street on Thursday first, owing to their merger and now, due to their falling stock prices.
Gas major Cairn India and metal biggie, Vedanta were talk of the Dalal Street on Thursday first, owing to their merger and now, due to their falling stock prices. Looking at the market performance of both the stocks today, seems, investors did not really appreciate the idea of merger, at least for now.
Cairn remains in the negative territory in the Thursday’s trading session. Cairn stock is trading near its intraday low of Rs 296.8 per share, down by nearly 4% at 1500 hours.
Interesting to note that the stock had hit 52-week high of Rs 313.05 per share on April 12, 2017.
Vedanta touched its intraday low of Rs 245 per share down by nearly 5%.
Cairn India and Vedanta, both the stocks were trading firm in Wednesday’s trading session with nearly 80% and 60% of deliverable quantity to traded quantity respectively.
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