Mahindra & Mahindra (M&M) dropped 1.55% to Rs 1,437.90 at 15:20 IST on BSE after the stock turned ex-dividend today, 21 July 2016 for dividend of Rs 12 per share for the year ended 31 March 2016 (FY 2016).
Meanwhile, the S&P BSE Sensex was down 191.44 points or 0.69% at 27,724.45.
On BSE, so far 29,123 shares were traded in the counter as against average daily volume of 92,056 shares in the past one quarter. The stock hit a high of Rs 1,460.10 and a low of Rs 1,437.35 so far during the day.
Before turning ex-dividend, the stock offered a dividend yield of 0.82% based on the closing price of Rs 1,460.50 yesterday, 20 July 2015.
M&M's net profit rose 6% to Rs 583.73 crore on 14.8% growth in net sales to Rs 10666.43 crore in Q4 March 2016 over Q4 March 2015.
The Mahindra Group enjoys a leadership position in tractors, utility vehicles, information technology, financial services and vacation ownership. In addition, Mahindra enjoys a strong presence in the agribusiness, aerospace, components, consulting services, defence, energy, industrial equipment, logistics, real estate, retail, steel, commercial vehicles and two-wheeler industries.
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