IRCTC falls ~2% as stock to be traded ex-dividend

22 Feb 2023 , 09:55 AM

Shares of Indian Railways’ tourist and ticketing arm IRCTC fell about 2% as stock will be traded ex-dividend on Wednesday. 

IRCTC will trade ex-dividend on Wednesday in relation to the Rs3.5 dividend announced alongside the third-quarter results.

The company has set February 22 as the record date for paying the current fiscal year’s interim dividend.

When a company reaches its ex-dividend date, the value of its stock no longer includes the upcoming dividend payment. Typically, the ex-dividend date is scheduled a day or two before the record date, and it also determines which shareholders are entitled to receive the dividend payment.

IRCTC has declared an equity dividend of Rs 1.50 per share in the last 12 months, resulting in a dividend yield of 0.23%.

For the third quarter ended December, the company reported a 22% year-on-year increase in standalone net profit at Rs256 crore. Meanwhile, revenue from operations increased by 70% year on year to Rs 918 crore in the December quarter.

At around 9.52 AM, IRCTC was trading 1.88% lower at Rs630.45, against the previous close of Rs642.55 on NSE. The counter touched an intraday low of Rs630.30.

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