Marico dips on profit booking as stock turns ex-bonus

Since November 2, the stock had rallied 20% as compared to 3% decline in Nifty 50 index till yesterday.

Marcio has dipped 6.5% to Rs 217 on the National Stock Exchange (NSE) on profit booking after the stock turned ex-bonus today in the ratio of 1:1 i.e. one bonus equity share for every one share held.

Since November 2, shares of personal products maker had outperformed the market and rallied 20% till yesterday after the company announced a bonus issue. The Nifty 50 index was down nearly 3% during the same period. 

At 10:17 a.m. the stock was down 5.7% at Rs 218 on the NSE against a marginal 0.13% decline in the benchmark index. A combined 2.09 million shares have already changed hands as compared to an average sub three million shares were traded daily in past two weeks on the NSE and BSE pre ex-bonus.