Oracle Financial shares tank nearly 14% on ex-dividend

Shares of Oracle Financial Services Software plunged nearly 14 per cent in morning trade amid massive selling by investors as the stock went ex-dividend today.
Stock of the company tumbled 13.57 per cent to Rs 3,421.05 on the BSE.
On the NSE, it slumped 13.65 per cent to Rs 3,420.50.
Marketmen said that profit-booking pulled down the stock.
The board of directors of the software company had on September 12, declared an interim dividend of Rs 485 per equity share of Rs 5 each.
The record date for the purpose of the interim dividend declared by the company is fixed as September 25, 2014.

The interim dividend will be paid to the equity shareholders of the company on or before September 29, 2014, Oracle Financial Services had said in a BSE filing yesterday.
The issuing company fixes a particular date which is termed as record date when the investor must own shares in order to be eligible to participate in events like receiving dividend, bonus shares.
An ex-dividend is classification of trading shares when a declared dividend belongs to the seller rather than the buyer.