Bank highlights challenge facing Cairn in India

Bank highlights challenge facing Cairn in India

BARCLAYS Capital has cut its target price for Cairn Energy by more than 10 per cent after the oil gas firm hit fresh complications in India.

The investment bank has reduced its valuation for shares in Edinburgh-based Cairn to 240p from 270p noting the Indian government has received $104 million dividends due to the company from its former subsidiary in India.

The government has prevented Cairn from selling its remaining stake in the Indian business pending resolution of a tax dispute that started in 2014. Read More…

 

 

Credit By : The Herald

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