Cairn Energy PLC (LON:CNE) shares were on the back foot on Wednesday after the potential resolution to the group’s long-winded Indian tax dispute was delayed.
The company, in a statement, said arbitration proceedings are well advanced and a timetable - for document production, submissions and hearings - has been finalised for the process.
A final hearing is now scheduled for August 2018, Cairn confirmed.
“The tribunal stated that it expects the parties to strictly adhere to the deadlines set out in the amended procedural calendar and it will make appropriate arrangements to progress with the drafting of the award as expeditiously as possible,” the company said.
At one point on Wednesday the share was down around 2%, and at around 11:00am it was down 0.595 changing hands at 179.73p.