Tata Motors has dipped almost 3% at Rs 220 after the stock was quoted ex-dividend today. The dividend of Rs 4 per equity share for the year ended March 31, 2012 shall be paid / dispatched on and after August 14, 2012.
“The register of members & share transfer books of the company will remain closed from July 20, 2012 to August 10, 2012 (both days inclusive) for the purpose of payment of dividend of Rs 4/- per ordinary share (200%) of face value of Rs 2/- each for FY 2011-12,” Tata Motors said in a filing.
The stock of the country's largest commercial vehicle manufacturer has underperformed the market by falling 20% against a 4% rise in the benchmark Sensex, since May 29, after the company had reported a lower-than-expected Jaguar Land Rover (JLR) margins for Q4 FY12.
Meanwhile, analyst at Emkay Global Financial Services expects JLR EBITDA (earnings before interest, taxes, depreciation, and amortization) margins for Q1 FY13 to decline 30 bps on quarter-on-quarter basis and up 120 bps on year-on-year basis.
A combined 4.2 million shares have changed hands on the counter till noon deals on both the exchanges.
