Coal India slumps ex-dividend

Coal India lost 8.31% to Rs 277.55 at 09:39 IST on BSE, on turning ex-dividend today, 17 January 2014, for an interim dividend of Rs 29 per share for the year ending March 2014.

Meanwhile, the S&P BSE Sensex was down 33.23 points or 0.16% at 21,231.95

On BSE, so far 2.68 lakh shares were traded in the counter as against average daily volume of 3.39 lakh shares in the past one quarter.

The stock hit a high of Rs 280.25 and a low of Rs 273.20 so far during the day. The stock had hit a record low of Rs 238.35 on 30 August 2013. The stock had hit a 52-week high of Rs 359 on 1 February 2013.

The stock had outperformed the market over the past one month till 16 January 2014, rising 5.51% compared with the Sensex's 2.93% rise. The scrip also outperformed the market in past one quarter, gaining 6.7% as against Sensex's 3.49% rise.

The large-cap company has equity capital of Rs 6316.36 crore. Face value per share is Rs 10.

Before turning ex-dividend, the stock offered a high dividend yield of 9.58% based on the closing price of Rs 302.70 on Thursday, 16 January 2014.

Earlier, shares of Coal India had gained 4.41% in two trading days to Rs 302.70 on 16 January 2014 from a recent low of Rs 289.90 on 14 January 2014 after the company after market hours on 14 January 2014 said that its board of directors approved payment of interim dividend of Rs 29 per share for the financial year ending March 2014.

The date of payment of interim dividend 'is on and from 25 January 2014', Coal India had said. Meanwhile, Coal India fixed 20 January 2014 as the record date for the purpose of payment of interim divided.

Coal India's consolidated net profit declined 0.8% to Rs 3052.36 crore on 5.8% growth in net sales to Rs 15411.49 crore in Q2 September 2013 over Q2 September 2012.

Coal India is the largest coal producer in the world.

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