Meanwhile, the BSE Sensex was down 364.37 points, or 2.06%, to 17,328.81.

On BSE, 1.38 lakh shares were traded in the counter as against an average daily volume of 2.66 lakh shares in the past one quarter.

The stock hit a low of Rs 284.45 so far during the day, which is also a 52-week low for the counter. The stock hit a high of Rs 301 so far during the day. The stock had hit a record high of Rs 372 on 5 April 2011.

The stock had outperformed the market over the past one month until 4 August 2011, falling 5% compared with the Sensex's 5.96% fall. The scrip had underperformed the market in past one quarter, sliding 12.51% as against 4.20% decline in the Sensex.

The large-cap private oil exploration firm has an equity capital of Rs 1902.29 crore. Face value per share is Rs 10.

Lower crude oil prices will result in lower realizations from crude sales for oil exploration firms such as Cairn India. Oil prices declined sharply on Thursday, 4 August 2011, as global growth concerns raised demand worries. Oil extended losses in Asian electronic trade on Friday, 5 August 2011. US crude futures for September 2011 delivery were down 91 cents or 1.05% at $85.72 a barrel.

On a consolidated basis, Cairn India's net profit surged 868.9% to Rs 2726.56 crore on 341.7% spurt in net sales to Rs 3712.67 crore in Q1 June 2011 over Q1 June 2010.

Cairn India is seeking shareholders' approval for the conditions imposed by the government of India for the proposed sale of a substantial part of its shareholding in the company by parent Cairn Energy PLC to Vedanta Resources. At the time of the announcement of the first quarter results, Cairn India, last month, said royalty sharing with joint venture partner, ONGC, with respect to a key oil field, one of the key conditions for the clearance of the deal, would have resulted in a decline in the revenues and profit after tax by Rs 1291.60 crore in Q1 June 2011.

Cairn India is primarily engaged in the business of oil and gas exploration, production and transportation. The company sells its oil to major refineries in India and its gas to both state run and private buyers.