Cairn India Net Plunges 99% as Oil Prices Trade Near 12-Year Low

  • Company sells oil at average of $35 a barrel vs $68.7
  • Quarterly sales fall 42 Percent to 20.4 billion rupees

Cairn India Ltd., a crude oil producer owned by billionaire Anil Agarwal, posted a 99 percent decline in third-quarter profit as oil prices collapsed to near 12-year lows.

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