Cairn India's chief executive officer Rahul Dhir has sold more than half his shares in the oil and gas explorer for Rs 512.68mn, the company said in a stock exchange filing on Thursday.
Dhir has sold 1.5mn shares in five transactions between January 30 and February 1, Cairn India said.
Dhir, who has been CEO of Cairn India since August 2006, held 2.78mn shares or 0.15% of the company's equity before these transactions. He now holds 1.3mn shares, according to the filing.
London-listed miner Vedanta Resources Plc acquired majority stake in Cairn India last year from Cairn Energy Plc for US$8.7bn. Vedanta and its unit hold 59% in Cairn India after completing the acquisition in December.
The sale by Dhir was the first since the change of ownership.
Dhir previously sold shares in Cairn India in 2009. He offloaded 1.5mn shares on Aug. 5, 2009, at Rs 240.05 each and 196,139 shares at Rs 242.45 apiece the next day.
He bought 1.6mn shares at Rs 142.85 each on Dec. 8, 2008, and 638,078 shares at Rs 152.95 each on Dec. 19, 2008.