Cairn India Ltd lost more than 5% today continuing its fall after Brent crude prices dropped below $98 per barrel to a 16-month low.

The company’s stock has counterbalanced more than 13% since May as against an 8% reduction in the Sensex during the same period.

At 11:20 a. m., the company’s stock was ruling 5.6% down to trade at Rs 298.20.

The stock price hit an intraday low of Rs 298.50 and an intraday high of Rs 311.10 thus far.

US crude declined $1.44 to hit $81.79 per barrel after falling to as low as $81.59 earlier during the trading session, the lowest since October last year.

As per Reuters report, “In May, both Brent and US crude posted their biggest monthly losses since late 2008, as global economic concerns offset fears of a possible disruption to Iranian oil supplies due to Western sanctions against Tehran."

"Crude has plummeted 23 percent in the last month amid signs of weak global economic growth. As Europe struggles to contain its debt crisis, signs of sputtering Chinese growth have coupled with a faltering US recovery to undermine investor confidence," the report added.

Brent crude for next month delivery declined over $1 to an intraday low of $97.06, the lowest since January 2011.

Data on Friday showcased that US job growth stumbling during the month of May, causing the nation's unemployment rate to climb for the first time in nearly a year.

China also added to the gloom, reporting a slump in the nation's manufacturing division.

US Federal Reserve Chairman Ben Bernanke on Thursday will give evidence before a congressional group regarding the state of the US financial system.