Cairn India slumps as Jan-March earnings disappoint

Cairn India employees work at a storage facility for crude oil at Mangala oil field at Barmer in the desert Indian state of Rajasthan
Cairn India employees work at a storage facility for crude oil at Mangala oil field at Barmer in Rajasthan August 29, 2009. REUTERS/Parth Sanyal/Files

Reuters Market Eye - Shares in Cairn India Ltd 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 after the market close on Wednesday.

The oil and gas explorer's net profit was helped by a more than fourfold jump in other income to 3.20 billion rupees from a year earlier.

Dealers also cite disappointment over the company's production outlook at its Rajasthan block.

($1 = 61.0550 rupees)

(Reporting by Abhishek Vishnoi)