CAIRN Energy’s former subsidiary in India has posted a 64 per cent fall in profits amid the crude price slump. Cairn India made $149 million (£97m) profit before interest, tax, depreciation and amortisation in the three months to September, compared with around $415m in the same period last year. The company produced 205,000 barrels per day oil equivalent in the latest quarter. Cairn Energy sold a majority stake in Cairn India to Vedanta Resources for $5.5bn in 2011. Led by chief executive Simon Thomson, Cairn retains a 10 per cent stake in the Indian firm, which it has been prevented from selling pending resolution of a tax dispute with the Indian government. The value of its stake in Cairn India fell from about $1bn when the dispute started in January last year, to $526m at 30 June. Cairn insists it has paid all taxes due.
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