Whopping Rs 80 Dividend Stock in Focus! Shares Dive 12%, Shed 13% in 3 Days

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Whopping Rs 80 Dividend Stock in Focus! Shares Dive 12%, Shed 13% in 3 Days
Credit: © Reuters.

By Malvika Gurung

Investing.com -- The plastics material and resin manufacturing stock Styrenix Performance Materials (NS: STYE ) is under focus on Friday as its shares will trade ex-dividend for an interim dividend of 800% in the session.

The small-cap stock plummeted 12.2% to Rs 770.1 apiece in early trade at 9:18 am on Friday. Its shares have been falling for the past three sessions, shedding 13.2% in the period.

The company’s Board of Directors declared an interim dividend of Rs 80/share of Rs 10 each, translating to an 800% dividend for the financial year 2022-23.

The record date for determining shareholders eligible for the said interim dividend has been set as Friday, March 24, 2023.

“The dividend will be paid within the prescribed timelines,” the company said in an exchange filing last week.

According to InvestingPro models, the highest fair value set on Styrenix Performance’s stock stands at Rs 1,246/share, indicating an upside of 61.8% compared to the current share price.

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