IDBI Bank drops ex-dividend

IDBI Bank lost 4.5% to Rs 54.10 at 09:22 IST on BSE as the stock turned ex-dividend today, 29 August 2013 for a dividend of Rs 3.50 per share for the financial year ended 31 March 2013.

Meanwhile, the S&P BSE Sensex was up 146 points or 0.81% at 18,142.15

On BSE, 32,319 shares were traded in the counter as against average daily volume of 2.83 lakh shares in the past one quarter.

The stock hit a low of Rs 53.80 so far during the day, which is a 52-week low for the counter. The stock hit a high of Rs 54.50 so far during the day. The stock had hit a 52-week high of Rs 118.20 on 9 January 2013.

The stock had underperformed the market over the past one month till 28 August 2013, sliding 17% compared with the Sensex's 8.87% fall. The scrip had also underperformed the market in past one quarter, declining 34.17% as against Sensex's 10.74% fall.

The state-run bank has equity capital of Rs 1332.77 crore. Face value per share is Rs 10.

Before turning ex-dividend, the stock offered a dividend yield of 6.18% based on the closing price of Rs 56.65 on Wednesday, 28 August 2013.

IDBI Bank's net profit declined 28.2% to Rs 306.95 crore on 9.7% growth in total income to Rs 7445.42 crore in Q1 June 2013 over Q1 June 2012.

The Government of India (GoI) holds 71.72% stake in IDBI Bank (as per the shareholding pattern as on 30 June 2013).

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