Coal India shares fall over 3 pc on BSE; pares losses on NSE

Shares of Coal India closed sharply down by 3.89 per cent at Rs 379.35 on massive selling by investors as the stock went ex-dividend today.
During the day, the stock fell by 5.68 per cent to Rs 372.25 on the BSE. CIL was the top loser among 30-Sensex scrips.
At the National Stock Exchange, it pared all initial losses and settled 1.32 per cent higher at Rs 379. In intra-day, it had lost 5.5 per cent to Rs 373.
On the volume front, 7.66 lakh shares of the company changed hands at the BSE and over 53 lakh shares were traded at the NSE during the day.

"Board of Directors of the company at its meeting held on February 27, 2015, approved payment of interim dividend for the financial year 2014-15 at Rs 20.70 per share of the face value of Rs 10," the company had said in a filing to the BSE last month.
The date of payment is on March 10, 2015, it had said.

Coal India Ltd had informed BSE last month that the company has fixed March 4, 2015 as the record date for the purpose of payment of interim dividend on equity shares for the financial year 2014-15, if declared by the board.

The issuing company fixes a particular date which is termed as record date when the investor must own shares in order to be eligible to participate in events like receiving dividend, bonus shares.
An ex-dividend is classification of trading shares when a declared dividend initially belongs to the seller rather than the buyer.
In the broader market the BSE benchmark Sensex ended at 29,593.73, up 134.59 points.