 "Tech Mahindra extends fall post stock split, ex-bonus")
Shares of Tech Mahindra were trading lower by 3.4% at Rs 655, extending its past two day’s fall on the National Stock Exchange (NSE) after the stock turned ex-stock split and ex-bonus on March 19, 2015.
In past three trading sessions, the stock has underperformed the market by falling 6.4% from Rs 700 (adjusted to stock split and bonus issue) on March 18. The benchmark CNX Nifty was down 1.2%, while CNX IT sector index almost flat during the same period.
The information technology (IT) consulting and software firm had subdivided the face value of the shares in the ratio of 2:1 i.e. two equity shares of Rs 5 each for every one equity share of Rs 10 each held. The company had also issued bonus shares in the ratio of 1:1 i.e. one equity share for every one equity share held.
Tech Mahindra had fixed record date as March 20, 2015 for the purpose of ascertaining the entitlement of the members for the issue of bonus shares and stock split.
The stock opened at Rs 684 and touched a low of Rs 650 on the NSE. A combined 1.34 million shares changed hands on the counter till 1108 hours on the NSE and BSE.
In past three trading sessions, the stock has underperformed the market by falling 6.4% from Rs 700 (adjusted to stock split and bonus issue) on March 18. The benchmark CNX Nifty was down 1.2%, while CNX IT sector index almost flat during the same period.
The information technology (IT) consulting and software firm had subdivided the face value of the shares in the ratio of 2:1 i.e. two equity shares of Rs 5 each for every one equity share of Rs 10 each held. The company had also issued bonus shares in the ratio of 1:1 i.e. one equity share for every one equity share held.
Tech Mahindra had fixed record date as March 20, 2015 for the purpose of ascertaining the entitlement of the members for the issue of bonus shares and stock split.
The stock opened at Rs 684 and touched a low of Rs 650 on the NSE. A combined 1.34 million shares changed hands on the counter till 1108 hours on the NSE and BSE.
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