Cairn Shares Slump With Disappointing Jan-March Earnings

Shares in Cairn India Ltd - the parent company of Cairn Lanka which handles hydrocarbon exploration in Sri Lanka - slump 4.5 percent as its net profit lags some analysts' estimates, especially after adjusting for other income.

Cairn India's January-March net profit rose 18.4 percent to 30.35 billion rupees ($497.1 million) from a year earlier, the company said in a statement on Wednesday while releasing its quarterly results.

Cairn's net profit was helped by a more than fourfold jump in other income to 3.20 billion rupees from a year earlier.

Indian media reported yesterday that dealers also cited disappointment over the company's production outlook at its Rajasthan block.

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