Tata Steel has dipped almost 3% at Rs 415 on turning ex-dividend today. The stock opened at Rs 418 and hit a low of Rs 414 on the National Stock Exchange. A combined 7,91,109 shares have changed hands on the counter in morning trades on both the exchanges.
The board of directors of Tata Steel in its board meeting held on May 18, 2012 recommended a dividend of Rs 12 per ordinary share of Rs 10 each to the shareholders for the year ended March 31, 2012, subject to the approval of the shareholders at the Annual General Meeting (AGM) scheduled to be held on August 14, 2012.
“The register of members & share transfer books of the company will remain closed from July 18, 2012 to July 24, 2012 (both days inclusive) for the purpose of payment of dividend & AGM,” Tata Steel said in a filing.