Cairn India closed 2.02 per cent down on BSE today,a day after the government referred the energy major's USD 9.6 billion deal with Vedanta Resources to a ministerial panel. The company share value dwindled by 2.27 per cent in the intra-day session before recovering somewhat at a loss of 2.02 per cent to Rs 344 a piece on Bombay Stock Exchange (BSE). On National Stock Exchange,Cairn India lost 1.93 per cent at a price of Rs 343.80 a share. In terms of volume,over 77 lakh shares of the company were traded on the bourses during the day. The Cabinet Committee on Economic Affairs had yesterday referred Vedanta Resources' USD 9.6 billion buyout of Cairn India to a ministerial panel. The move followed differences in the Cabinet panel on if the London-listed mining group with no experience in oil,should be given unconditional approval for buying a company that owns the nation's largest onland oil fields or given an approval after it meets certain conditions. Cairn Energy Plc today said it has extended the deadline for completion of the sale of a majority stake in its Indian unit to Vedanta Resources by over a month to May 20. Cairn Energy's sale of a 40-51 per cent stake in Cairn India and the subsequent open offer by Vedanta group for acquisition of an additional 20 per cent interest were previously to be completed by April 15. Meanwhile,at the London Stock Exchange,Cairn Energy Plc was trading 2.06 per cent down at 447 pence a share,while Vedanta Resources was quoting 2.76 per cent lower than yesterday's close at 2,430 pence.
