M&M falls 5% after huge block deals; stock turns ex-dividend today

At 0915 hours, around 12 million shares representing nearly 2% of total equity of M&M changed hands at Rs 1,175 per share on BSE.

Mahindra and Mahindra (M&M) has dipped almost 5% to Rs 1,161 after a huge block deal executed on the Bombay Stock Exchange (BSE).

At 0915 hours, around 12 million shares representing nearly 2% of total equity of M&M changed hands at a price of Rs 1,175 per share, the BSE data shows.

Meanwhile, the stock has turned ex-dividend today for a dividend of Rs 14 per share.

On May 30, the board of directors of M&M had recommended a total dividend of Rs 14 (280%) per equity share, including a special dividend of Re 0.50 (10%) per equity share of the face value of Rs 5 each.

The dividend will be paid/ dispatched commencing from the day after the Annual General Meeting i.e. on and after August 09, 2014 to those shareholders or their mandates, M&M said in a statement.

The stock opened at Rs 1,183 and hit a high of Rs 1,192 on BSE. A combined 13.7 million shares changed hands on the counter so far on BSE and NSE.