L&T declines on turning ex-dividend today

The board has recommended a dividend at the rate of Rs 16.50 per equity share for the financial year 2011-12.

Larsen and Toubro (L&T) is trading lower by 1.3% at Rs 1,456  in otherwise firm market after turning ex-dividend today.

The board of directors of L&T recommended a dividend at the rate of Rs 16.50 per equity share for the financial year 2011-12.

“The register of members & share transfer books of the company will remain closed from August 17, 2012 to August 24, 2012 (both days inclusive) for the purpose of payment of dividend & Annual General Meeting (AGM) of the company to be held on August 24, 2012,” L&T said in a filing.

The stock opened at Rs 1,475 and hit a low of Rs 1,455 on the NSE. A combined 622,938 shares have changed hands on the counter till noon deals on both the exchanges.