IDFC's stock nosedives ~7% as board declares interim dividend

IDFC Ltd.’s counter slipped nearly 7% in today’s trade as the board approved an interim dividend for the current fiscal year.

The company informed in its filing that the Board of the Directors of the IDFC Limited ('IDFC' or 'the Company') at its meeting held today i.e., April 06, 2022, has considered and declared an Interim Dividend of 10% i.e., Rs1 per equity share of the Company.

It further stated that the Interim Dividend shall be payable to all those equity shareholders, whose names appear in the Register of Members of the Company as at the close of day on April 20, 2022, being the record date for the aforesaid Interim Dividend. The company will pay an interim dividend to the eligible shareholders on or after May 1, 2022.

IDFC’s stock was trading 7% lower at Rs63.65 against the previous close of Rs68.45 on NSE. It touched intraday high and low of Rs67.50 and Rs63.50 respectively so far.