July 9, 2018 / 6:27 AM / 4 months ago

Cairn says Indian tax office sells $216m of Vedanta shares

July 9 (Reuters) - Cairn Energy said on Monday it would write down the value of its investment in Vedanta Ltd after Indian tax authorities sold $216 million worth of its shares in the Indian mining company.

Cairn said that it would continue to fight the Indian authorities in an arbitration case over a more than $1 billion retrospective tax bill with final hearings in two weeks.

Cairn said it still holds about 3 percent in Vedanta Ltd after the sale, while warning that it was possible that the Indian tax department might make further sales. (Reporting by Arathy S Nair in Bengaluru; editing by Patrick Graham)

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