Coal India shares tumble nearly 7 pc on ex-dividend

Shares of Coal India Ltd plunged nearly 7 per cent, wiping out Rs 14,022 crore from its market valuation, amid massive selling by investors as the stock went ex-dividend today.
The stock plummeted 6.96 per cent to settle at Rs 296.85 on BSE. Intra-day, it tumbled 8.36 per cent to Rs 292.35.
On NSE, shares of the company dipped 6.96 per cent to close at Rs 296.70.
The company's market valuation was shaved off by Rs 14,021.72 crore to Rs 1,87,501.28 crore.
The blue-chip stock was the biggest loser among the 30-share Sensex components.
On the volume front, 8.20 lakh shares of the company changed hands at BSE and over 90 lakh shares at NSE during the day.

"The company has fixed March 15, 2016 as the record date for the purpose of payment of interim dividend on equity shares for 2015-16, if declared by the Board," Coal India had said in a BSE filing late last month.

Coal India (CIL) has declared an interim dividend of Rs 27.40 per share for this fiscal.
The largest beneficiary will be the central government, which holds 79.64 per cent in CIL and will get a dividend of Rs 17,308 crore, a communique had said earlier this month.
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 and bonus shares.