Share price of Vedanta Ltd fell more than 6% intraday today, 11 April, 2017, as the stock adjusted for second interim dividend declared by the company last month.
Vedanta, on March 30, had sanctioned the second interim dividend of 1,770 % (Rs 17.70 per share) on face value of Re 1 per share, for the fiscal 2016-17. The company has fixed April 12 as the record date for payment of interim dividend.
Moreover, the company has also approved dividend of Rs 17.70 per equity share to shareholders of Cairn India Ltd, the future shareholders of the company, pursuant to the merger between Vedanta & Cairn India.
The company announced total amount of dividend payout including that to Cairn India shareholders was Rs 6,580 crore. Vedanta stock was quoting at Rs 256.30, down Rs 16.10, or 5.91% in the morning hours of today, on the BSE.