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BUZZ-Cairn Energy: Erosion of Cairn India stake chips away at stock

Reuters - UK Focus

** Oil explorer's shares down as much as 2.7 pct after co reported a wider after-tax H1 loss

** Traders attribute fall to the lack of a meaningful update on Cairn India (BSE: CAIRN4.BO - news) issue and continued weakness in crude prices

** Co takes $177 mln impairment on erosion in value of c.10 pct stake in Cairn India

** Co restricted from selling Cairn India stake, valued at $525.5 million at June 30, due to tax dispute with Indian government

** A quarter the stock's daily avg volume traded in the first hour, dragging FTSE 350 oil and gas index down with it (abhiram.nandakumar.thomsonreuters.com@reuters.net)