Shares of Accelya Solutions India, a travel technology company, plunged nearly 10 percent on January 25 after it announced a hefty Rs 35 interim dividend.
“We wish to inform you that the Board of Directors at its meeting held today, has declared an interim dividend of Rs 35 per share,” said the company in an exchange filing. “As informed earlier, the record date for the purpose of interim dividend is February 2, 2023. The dividend pay-out date is February 21, 2023.”
The stock price of the company plunged over 9 percent to Rs 1,496 on the BSE at opening.
Typically, after a company announces a hefty dividend, stock price rises. Once it goes ex-dividend, the share price drops by the amount of the dividend paid to reflect that new shareholders will not be getting that dividend.