Hindustan Zinc crashes 10% as stock trades ex-dividend

With its fourth dividend payout, Hindustan Zinc has declared its highest-ever dividend of Rs 32,000 crore for FY23.

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Shares of Hindustan Zinc crashed 10 percent as the stock traded ex-dividend on March 29.

“We have paid the fourth interim dividend of Rs 26 per equity share i.e. 1,300 percent on face value of Rs 2 per share for the financial year 2022-23, amounting to Rs 10,985.83 crore. The record date for the purpose of payment of fourth interim dividend, as already communicated, is Wednesday, March 29, 2023,” the company had said in an exchange notification on March 21.

At 1:02pm, shares of the company were trading 8.7 percent lower at Rs 300.35 on the NSE. The scrip has fallen over 7 percent year-to-date but has risen over 100 percent in the past three years.

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The ex-dividend date is the day the stock starts trading without the value of its next dividend payment, which is usually one day before the record date. This means that an investor who buys the stock on its ex-dividend date or later will not be eligible to receive the declared dividend. Only investors who own the stock on the day before the ex-dividend date are eligible to receive the declared dividends.

With this, its fourth dividend payout, Hindustan Zinc has declared its highest-ever dividend of Rs 32,000 crore for FY23. It announced a total dividend of Rs 18 per share, amounting to Rs 7,606 crore in FY22. It paid Rs 21.30 per share dividend in FY21, totalling Rs 9,000 crore.