Managing director and CEO of Cairn India, Mayank Ashar has quit the firm Cairn India, citing "personal reasons". Head of a company that operates the country's biggest on-land oilfield, Ashar is the third CEO to resign from the company ever since it was taken over by Vedanta Group, four and a half years back. The company released a statement saying Ashar "has decided to step down for personal reasons effective June 5, 2016." Currently, Sudhir Mathur, CFO, has been appointed as the acting CEO.
"The Board expresses its appreciation for Mayank's contribution during his association with the company. Under Mayank's leadership, Cairn India has delivered a resilient performance in a challenging business environment," the statement read. The company said it remains committed to maintain "one of the lowest cost operations in the world" to pursue innovations and technology in its asset portfolio and create value for its stakeholders. Navin Agarwal, Chairman, said, "Mayank has had a positive stint at Cairn. He leaves Cairn India in the hands of a strong leadership team."
The company had reported a historic loss of Rs 10,948 Crore for the fourth quarter ended in March, as fall in crude oil prices affected its performance. It is also involved in a legal battle with the Petroleum Ministry over the extension of contract for its flagship Barmer block in Rajasthan.
