JB Chemicals & Pharmaceuticals has plunged more than 33% or Rs 46.85 at Rs 94.35 after the stock turned ex-dividend.
“The board of directors of the company has fixed August 31, 2011 as the record date for the purpose of special interim dividend," the pharmaceuticals company said in a filing to the stock exchanges.
The board has declared special interim dividend of Rs 40 per equity share of face value of Rs 2 to reward the shareholders consequent to sale of the Russia-CIS OTC business for a total consideration of about Rs 738 crore.
The payment of this special interim dividend together with dividend distribution tax will absorb Rs 393.78 crore. The dividend will be paid/dispatched on September 08, 2011, it added.
The stock opened at Rs 109 and hit a low of Rs 90.25 on the BSE. A combined 224,911 shares have changed hands on the counter in opening deals.
