Meanwhile, the BSE Sensex was down 25.89 points, or 0.14%, to 18,819.98.

On BSE, 17 lakh shares were traded in the counter as against an average daily volume of 50.66 lakh shares in the past one quarter.

The stock hit a high of Rs 327.95 and a low of Rs 304.30 so far during the day.

The large-cap private sector oil explorer has equity capital of Rs 1902.21 crore. Face value per share is Rs 10.

The Cabinet Committee on Economic Affairs (CCEA) has approved the deal subject to the condition that Cairn India has to equally and retroactively share royalty payments with Oil and Natural Gas Corporation (ONGC) on crude-oil production from its main oil-producing block in Rajasthan, reports suggest. ONGC, which holds a 30% stake in the block, currently pays the entire royalty under rules that had been meant to attract foreign investment in the oil-and-gas sector. Cairn India with the remaining 70% stake is the operator of the block.

Early this week, Vedanta Resources and Cairn Energy announced that they had tweaked the terms of the deal for Vedanta's acquisition of stake in Cairn India from Cairn Energy that has resulted in a lower deal price. Vedanta and Cairn Energy have agreed to remove a non-compete provision and related non-compete fee of Rs 50 per share on the deal, which will reduce Vedanta's total payment for a 40% stake in Cairn India to $6.02 billion from $6.65 billion.

The deal will be carried out in two tranches. Vedanta will buy a 10% stake in Cairn India on or before 11 July 2011 and purchase the remaining 30% stake at a later stage, pending necessary consents and approvals from the government of India. The first tranche purchase will increase Vedanta's stake in Cairn India to 28.5% and reduce Cairn Energy's stake to 52.2%.

Cairn India's consolidated net profit galloped 902.4% to Rs 2457.79 crore on 427.5% surge in net sales to Rs 3654.47 crore in Q4 March 2011 over Q4 March 2010.