Hindustan Zinc slumps ex-dividend

Hindustan Zinc lost 13.37% to Rs 162.40 at 09:25 IST on BSE after turning ex-dividend today, 6 April 2016 for special dividend of Rs 24 per share for the year ended 31 March 2016.

Before turning ex-dividend, the stock offered a dividend yield of 12.83% based on the stock's closing price of Rs 187.05 on the BSE yesterday, 5 April 2016. It may be recalled that the board of directors of the company at a meeting held on 30 March 2016, had declared a special golden jubilee dividend of Rs 24 per share for the financial year ended 31 March 2016.

Meanwhile, the S&P BSE Sensex was up 33.77 points or 0.14% at 24,917.36

On BSE, so far 1.31 lakh shares were traded in the counter as against average daily volume of 1.74 lakh shares in the past one quarter. The stock hit a high of Rs 165 and a low of Rs 161 so far during the day. The stock had hit a record high of Rs 199.80 on 31 March 2016. The stock had hit a 52-week low of Rs 117.20 on 25 August 2015.

The large-cap company has equity capital of Rs 845.06 crore. Face value per share is Rs 2.

Hindustan Zinc's net profit fell 23.9% to Rs 1811.39 crore on 11% decline in net sales to Rs 3385.19 crore in Q3 December 2015 over Q3 December 2014.

Hindustan Zinc is a subsidiary of Vedanta (formerly known as Sesa Sterlite), a part of London listed Vedanta Resources plc, a global diversified natural resources company. The company is one of the largest integrated producers of zinc-lead and a leading producer of silver. As per the shareholding pattern, Vedanta holds 64.92% stake and the Government of India holds 29.54% stake in Hindustan Zinc as at 31 December 2015.

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