Cairn India which has been hitting new lows for the past two days, is in the red today also, though not yet a new low. The stock is down 3% at Rs.289.80, which remains uncomfortably close to its 52-week of Rs286.20.

The stock has been on the receiving end for the past few days following a ‘downgrade’ by HSBC India. The FII, downgraded the stock to "underweight" from "neutral." 

HSBC, in its report has stated that production from key oil field in Rajasthan will peak in fiscal year 2016. Taking into account other production forecasts, the FII says that Cairn's earnings may have already peaked in fiscal year 2014.