Shares of HDFC and HDFC Bank were down over 1% in early trade on Tuesday.

What Happened: Shares of the HDFC Twins are trading lower today as the stocks turned ex-dividend today. Shares of a company turn ex-dividend on the day or a day before the record date set for dividend payment. Trading ex-dividend means that shares of the company are trading without the value of the next dividend payment.

Both HDFC and HDFC Bank had announced dividends. HDFC had announced a ₹44/share dividend, whereas HDFC Bank had declared a 19/share dividend. The record date for the dividend payments was May 16.

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The Nifty 50 index stocks slumped close to 1% in early trade on Tuesday. HDFC shares slumped over 2% to hit an intraday low of ₹2,728.40. Shares of HDFC Bank went down 1.3% to hit an intraday low of ₹1,653.20.

On the merger front, HDFC got SEBI‘s nod for a change in control of its subsidiary HDFC Capital Advisors, pursuant to the merger of the two companies.

Price Action: HDFC Bank shares were down 0.14% to trade at ₹1,654.50. HDFC shares were down 0.12% to trade at ₹2,737.05 in the afternoon hours of trading on Tuesday.

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