Shares of Tata Steel and Tata Elxsi went down over 1% in early trade on Thursday.
What Happened: The slump in the two Tata Group companies comes 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.
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Both companies had announced a final dividend for the year ended March 2023. Tata Elxsi announced a ₹60.60/share dividend, while Tata Steel announced a ₹3.6/ share dividend.
Tata Steel’s share price fell close to 3% on Thursday to hit an intraday low of ₹110.60. Tata Elxsi shares went down close to 1% to hit an intraday low of ₹7,721.05. However, both stocks made strong recovery soon after.
Price Action: At the time of writing, Tata Steel’s share price was up 1.27% to trade at ₹111.70, and Tata Elxsi shares were up 0.01% to trade at ₹7,731.
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