Mahanagar Gas drops 6% as stock trades ex-dividend today; details here

Shares of gas supplier Mahanagar Gas dropped 6.13 per cent to the day's low of Rs 1,290 on the BSE during intra-day trade on Monday, February 3, 2025. The decline in the stock price aligns with the company's dividend announcement. Notably, Mahanagar Gas shares turned ex-dividend today.

 

Mahanagar Gas, in a regulatory filing dated January 28, 2025, informed the exchanges that its board had considered and approved the declaration of an interim dividend of Rs 12 per equity share, having a face value of Rs 10 each, for the financial year 2024-25.

 

The company set February 3, 2025, as the record date for determining shareholders' entitlement to the interim dividend. Mahanagar Gas stated that the interim dividend for the financial year 2024-25 shall be paid to the entitled shareholders within 30 days from its declaration.

 

Incorporated in 1995, Mahanagar Gas(MGL) is a city gas distribution company in India. The company is headquartered in Mumbai, Maharashtra. MGL distributes compressed natural gas (CNG) and piped natural gas (PNG) in Mumbai, Thane, and Raigad districts. Its products cater to domestic households, commercial establishments, and industrial use. MGL operates through an extensive network, with 348 CNG filling stations and over 6,000 kilometers of pipelines.

 

As of February 3, 2025, Mahanagar Gas' market capitalisation stands at Rs 12,978.41 crore on the BSE. The company is a constituent of the BSE 500 index.

 

Mahanagar Gas shares have a 52-week range of Rs 1,988.55 – Rs 1,075.00 on the BSE.  Mahanagar Gas share price has dropped around 26 per cent in the last six months, while it slipped 10.43 per cent in the last one year.

 

At around 2:07 PM on Monday, Mahanagar Gas shares were trading at Rs 1,313.90 apiece, down 4.39 per cent from the previous close of Rs 1,374.30 on the BSE. A combined total of nearly 0.49 million equity shares of Mahanagar Gas, estimated to be worth around Rs 65.54 crore, changed hands on the BSE and NSE today.

 

Meanwhile, benchmark equity indices were trading lower on Monday, with the Nifty at around 23,344.85, up 0.58 per cent, while the 30-share Sensex was down 350 points at 77,155 levels.