Cairn India shares gain over 6% on bourses.

Shares of Cairn India Thursday gained over 6 percent amid reports that its erstwhile parent firm Cairn Energy may vote against the merger of the company with Vedanta.

The stock ended the day 6.20 percent higher at Rs 177.30 on the BSE. During the day, it rose by 10.33 percent to Rs 184.20.

On the NSE, shares of the company jumped 6.43 percent to Rs 177.70.

Meanwhile, the BSE has sought clarification from Cairn India with respect to news that Cairn Energy is set to vote against Vedanta's Cairn India offer.

The minority shareholders of Cairn India have raised concerns over the company not getting a "fair valuation" in the USD 2.3 billion all-share merger with parent Vedanta Ltd and use of its over Rs 24,000 crore of cash pile.

The merger needs approval of half of the non-promoter shareholders. Life Insurance Corp (LIC) holds 9.06 percent and Cairn Energy plc of UK another 9.82 percent of Cairn India. Vedanta owns a 59.88 percent stake in Cairn India.

Overall, Vedanta Group has Rs 77,752 crore debt, a part of which can be paid using Cairn India cash. 

Rupee loses further, down 20 paise to 63.97 against dollar

Falling for the third consecutive day, the rupee weakened by another 20 paise to trade at 63.97 against the dollar in early trade on Friday on appreciation of the American currency against other major currencies globally as the US Federal Reserve prepares to hike rates.

Besides, increased demand for dollar from importers and a lower opening in the domestic equity market, weighed on the local currency, forex dealers said.

The rupee had plunged by 19 paise to close at over 3-week low of 63.77 against the US dollar in yesterday's trade on persistent demand for the American currency from banks and importers on the back of higher greenback in the overseas market.

Meanwhile, the benchmark BSE Sensex was down by 111.72 points, or 0.39 percent, to 28,259.12 in early trade today. 

Sensex down 111 points on earnings concern

The benchmark BSE Sensex declined by 111 points in early trade on Friday due to selling by funds and investors on earnings concerns amid a weak trend overseas.

The 30-share barometer, which had lost 134.09 points in the previous session, fell further by 111.72 points, or 0.39 percent, to 28,259.12 in early trade.

Capital goods, banking, auto, power and FMCG stocks were among the major losers.

On similar lines, the broad-based National Stock Exchange index Nifty shed 20.65 points, or 0.24 percent, to 8,569.15.

Brokers said disappointing quarterly earnings from some bluechip companies and a weak trend at other Asian markets dampened trading sentiment here.

Bucking the trend, Reliance Industries was trading a shade higher at Rs 1,045.75 ahead of its financial results, to be announced later today.

Among other Asian markets, Hong Kong's Hang Seng fell by 0.92 percent, while Japan's Nikkei moved down by 0.68 percent in early trade.

The US Dow Jones Industrial Average ended 0.67 percent lower yesterday on weak corporate earnings.