Cairn Energy jumps as Delhi moves to settle tax dispute
Capricorn Energy
214.00p
16:35 14/11/24
Shares in Cairn Energy extended their gains from the previous session after New Delhi said it would amend its tax law in a way that would allow it settle lengthy tax disputes.
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Indian authorities introduced legislation under which it would cancel taxation on asset transfers that took place before May 2012 - subject to conditions.
Among the latter, the companies' impacted would have to withdraw from litigation and agree to file no new damage claims.
In December, Cairn Energy was awarded $1.2bn by an international tribunal and is also owed $500.0m.
Having failed to collect those amounts, in recent weeks Cairn has tried to legally take possession of upmarket properties in Paris owned by India as well as aircraft in the US.
As of 1216 BST, shares of Cairn Energy were jumping by 9.84% to 174.10p, adding to the prior session's 26% surge.