Coal India slumps ex-dividend

Coal India dropped 6.63% at Rs 297.90 at 12:29 IST on BSE as the stock turned ex-dividend today, 14 March 2016, for interim dividend of Rs 27.40 per share for the year ending 31 March 2016.

Meanwhile, the S&P BSE Sensex was up 76 points or 0.31% at 24,793.99.

On BSE, so far 3.84 lakh shares were traded in the counter as against average daily volume of 3.41 lakh shares in the past one quarter. The stock hit a high of Rs 299 and a low of Rs 292.35 so far during the day. The stock had hit a 52-week low of Rs 286.90 on 21 January 2016. The stock had hit a record high of Rs 447.25 on 5 August 2015. The stock had underperformed the market over the past one month till 11 March 2016, rising 4.59% compared with the Sensex's 7.7% rise. The stock had, however, outperformed the market in past one quarter, gaining 3.71% as against Sensex's 1.3% fall.

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 dividend yield of 8.58% based on the closing price of Rs 319.05 on BSE on Friday, 11 March 2016.

On consolidated basis, Coal India's net profit rose 14% to Rs 3718.25 crore on 6.8% growth in net sales to Rs 18971.48 crore in Q3 December 2015 over Q3 December 2014.

Coal India is an organized state-owned coal mining corporate. The Government of India held 79.65% stake in Coal India (as per the shareholding pattern as on 31 December 2015).

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