A lot of price damage has happened since the Cairn-Vedanta merger was first announced nearly a year ago. For Vedanta it was almost a desperate situation as its leverage was getting out of hand. The merger would have helped Vedanta use up the cash resources of Cairn India to defray a part of its debt. Cairn India also stood to benefit from the merger. Oil prices were headed down and valuations of oil companies could only get worse over time as a supply of desperate oil assets flooded the market. That is something Cairn was always aware of.