Oracle Financial shares tank nearly 13%

Shares of Oracle Financial Services Software ended nearly 13 per cent lower today amid huge selling pressure as the stock went ex-dividend.
Oracle Financial Services' scrip tumbled 12.89 per cent to settle at Rs 3,448.30 on the BSE. During the day, it plunged 13.57 per cent to Rs 3,421.05.
Marketmen said profit-booking pulled down the stock.
The board of directors of the software company had on September 12, declared an interim dividend of Rs 485 per equity share of Rs 5 each.
The record date for the purpose of the interim dividend declared by the company is fixed as September 25, 2014.

The interim dividend will be paid to the equity shareholders of the company on or before September 29, 2014, Oracle Financial Services had said in a BSE filing yesterday.
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 belongs to the seller rather than the buyer.