Wipro on Monday said the date for issuing bonus or stock dividend to the holders of its American Depository Receipts is yet to be finalised, amid the ADRs witnessing steep fluctuations in pre-market trading on the New York Stock Exchange.
According to reports, the exchange has suspended trading in Wipro ADRs. According to trading data, the company's ADRs plunged over 47 per cent to $10.45 in pre-market trade today.
"The company felt that it was important to clarify to the market that the payable date and ex-dividend date for its ADR (American Depository Receipts) bonus issue, or stock dividend, are yet to be determined," Wipro said in a filing to the exchanges.
According to Wipro, at NYSE, for ADR stock dividends or bonus issue, the ex-dividend date is set as the first business day after the stock dividend is paid, which is also after the record date.
The IT major's board of directors has fixed June 14 as the record date to determine eligible shareholders entitled to receive the bonus equity shares/stock dividend, it had said in a filing to the Indian exchanges on May 30.