Vedanta Subsidiary Tanks 6% on Ex-Dividend Day: Record Date for 775% Dividend

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Vedanta Subsidiary Tanks 6% on Ex-Dividend Day: Record Date for 775% Dividend
Credit: © Reuters.

By Malvika Gurung

Investing.com -- Shares of the mining company Hindustan Zinc (NS: HZNC ) began trading ex-dividend on Wednesday, a day ahead of its record date for an interim dividend of 775% to eligible shareholders for the financial year 2022-23.

A subsidiary of the Anil Agarwal-led mining major Vedanta (NS: VDAN ), Hindustan Zinc’s Board of Directors declared a second interim dividend of Rs 15.5 per share on the face value of Rs 2 apiece for FY23 through resolution passed by circulation.

The interim dividend will amount to Rs 6,549.24 crore, stated the company.

The record date for the payment of the second interim dividend has been fixed as Thursday, Nov 24, 2022.

Further, the interim dividend will be paid within stipulated timelines as prescribed under the law. 

Shares of the company were trading 5.82% lower at Rs 300.95 apiece at the time of writing, declining over 6% on the day of its ex-dividend date, i.e. today.

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