Cipla drops ex-dividend

Cipla dropped 1.98% to Rs 570 at 15:00 IST on BSE after the stock turned ex-dividend today, 12 September 2016 for dividend of Rs 2 per share for the year ended 31 March 2016 (FY 2016).

Meanwhile, the S&P BSE Sensex was down 472.48 points or 1.64% at 28,324.77.

On BSE, so far 1.62 lakh shares were traded in the counter as against average daily volume of 2.06 lakh shares in the past one quarter. The stock hit a high of Rs 578.60 and low of Rs 565 so far during the day. The stock had hit a 52-week low of Rs 458.25 on 25 May 2016. The stock had hit a 52-week high of Rs 704.75 on 29 October 2015. The stock had outperformed the market over the past one month till 9 September 2016, gaining 9.17% compared with Sensex's 2.54% gain. The scrip had also outperformed the market in past one quarter, rising 21.17% as against Sensex's 7.6% gain.

The large-cap company has equity capital of Rs 160.84 crore. Face value per share is Rs 2.

Before turning ex-dividend, the stock offered a dividend yield of 0.34% based on the closing price of Rs 581.50 on Friday, 9 September 2016.

Cipla reported 43.74% fall in consolidated net profit to Rs 365.24 crore on 6.9% fall in net sales to Rs 3499.81 crore in Q1 June 2016 over Q1 June 2015.

Cipla is a global pharmaceutical company.

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