J&K Bank drops ex-dividend

Meanwhile, the S&P BSE Sensex was down 211.60 points or 1.11% at 18,829.53.

On BSE, 4,510 shares were traded in the counter as against average daily volume of 7,323 shares in the past one quarter.

The stock hit a high of Rs 1,249.90 and a low of Rs 1,205 so far during the day. The stock had hit a 52-week low of Rs 881 on 4 September 2012. The stock had hit a record high of Rs 1,473 on 7 December 2012.

The stock had underperformed the market over the past one month till 12 June 2013, sliding 7.27% compared with the Sensex's 5.37% fall. The scrip had also underperformed the market in past one quarter, falling 4.37% as against Sensex's 2.68% decline.

The mid-cap bank has equity capital of Rs 48.48 crore. Face value per share is Rs 10.

Before turning ex-dividend, the stock offered a dividend yield of 3.96% based on the closing price of Rs 1,259.75 on Wednesday, 12 June 2013.

J&K Bank's net profit rose 20.2% to Rs 250.08 crore on 24.1% growth in total income to Rs 1835.71 crore in Q4 March 2013 over Q4 March 2012.

J&K Bank functions as a universal bank in J&K and as a specialised bank in the rest of the country. The J&K state government holds 50.17% stake in Jammu & Kashmir Bank (as per the shareholding pattern as on 31 March 2013).

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