Cairn Energy Plc’s holding in Vedanta has decreased to 0.1% after the Income-Tax Department sold 4.9% stake in the company to recover a retrospective tax demand. The Income-Tax Department realised Rs 5,000 crore from selling the shares.
Vedanta is a diversified natural resources company, whose business primarily involves producing oil and gas, zinc- lead-silver, copper, iron ore, aluminium and commercial power.