HPCL turns ex-dividend, stock down 4%

The board has recommended a final dividend of Rs 8.50 per share

Hindustan Petroleum Corporation Limited (HPCL) has dipped 4% at Rs 299 on turning ex-dividend today. The board of state-owned oil marketing company at its meeting held on May 29, 2012, has recommended a final dividend of Rs 8.50 per share.

HPCL has informed BSE that the register of members & share transfer books of the company will remain closed from September 01, 2012 to September 18, 2012 (both days inclusive) for the purpose of payment of final dividend & 60th Annual General Meeting (AGM) of the company to be held on September 18, 2012.

The stock opened at Rs 305 and hit a low of Rs 298 on the NSE. A combined 310,943 shares have changed hands on the counter so far.