The UK based Cairn Energy today announced the stake sale of its Indian arm Cairn India. As per the deal 51 percent of the Cain India stake will be sold to Vedanta Resources Plc, a mining firm at around 8.48 billion USD or around 39,627 crore Indian Rupees. Cairn Energy holds 62.36 per cent stake in Cairn India.

After the announcement Cairn India share price plunged in both BSE and NSE. On NSE Cairn India shares closed at 332.35, down 22.60 or 6.5%.

In the morning trade Cairn India shares touched a 1 year high of 368.05 but dropped from that level and closed at 332.35 compared to yesterday?s closing price of 355.45. Total traded quantity is 3,72,06,771 and turnover is 1,292.93 crore rupees.