Meanwhile, the BSE Sensex was down 160.09 points or 0.93% to 16,998.35.

On BSE, 32,000 shares were traded in the counter as against average daily volume of 2.47 lakh shares in the past two weeks.

The stock hit a high of Rs 326.35 and a low of Rs 322.10 so far during the day.

US crude oil futures for September 2012 delivery were down $1.51 at $90.32 a barrel in electronic trading today, 23 July 2012. The contract lost $1.14 a barrel or 1.22% to settle at $91.83 a barrel on the New York Mercantile Exchange on Friday, 20 July 2012. Prices are 8.4% lower this year.

Lower crude oil prices will result in lower realization from crude sales for oil exploration firms such as Cairn India.

Economic growth in China, the world's second biggest crude consumer, may slow to 7.4% this quarter (July-September 2012), according to Song Guoqing, an academic member of the People's Bank of China monetary policy committee. Gross domestic product expanded 7.6% in April-June 2012 quarter, the sixth straight deceleration and the weakest pace in more than three years. Song made the comments at a forum in Beijing on Saturday, 21 July 2012.

Meanwhile, as German report over the weekend said that the International Monetary Fund may cut off aid to Greece. The visit by the inspectors from the European Commission, the International Monetary Fund and the European Central Bank -- is set to start on Tuesday, 24 July 2012 -- to determine the fiscal position of Greece, which has been struggling to hold to obligations tied to 240 billion euros ($291 billion) of rescue funds over the past two years.

Cairn India's consolidated net profit fell 11% Rs 2186.23 crore on 0.1% decline in net sales to Rs 3651.34 crore in Q4 March 2012 over Q4 March 2011. The company unveils Q1 June 2012 results today, 23 July 2012.

Cairn India is primarily engaged in the business of oil and gas exploration, production and transportation. The company's average daily gross operated production was 1,72,887 barrels of oil equivalent (boe) in financial year ended March 2012 (FY 2012). The company sells its oil to major refineries in India and its gas to both PSU and private buyers.