Cairn India CEO Quits After Oil Explorer’s Record Quarterly Loss
- CEO exit negative for stock in near term, SBI Capital says
- Cairn-Vedanta merger announced in June yet to be completed
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Cairn India Ltd. said its Chief Executive Officer Mayank Ashar resigned citing personal reasons, just a month after the nation’s largest private oil producer posted its biggest quarterly loss.
Ashar will step down on June 5 and will be replaced by Chief Financial Officer Sudhir Mathur as interim head of the company, Cairn India said in a stock exchange filing on Friday. Ashar, who took charge in October 2014, oversaw the company amid the worst ever slide in oil prices and an ongoing process of merger with parent Vedanta Ltd. In January, Cairn India said the merger will take at least six more months.