Indian Oil Corp. Shares Fall After Trading Ex-Dividend
The company will pay a dividend of Rs 7 per share for the previous financial year, and the record date has been fixed at July 12.
![<div class="paragraphs"><p>Indian Oil Corp. (Source: Facebook)</p></div>](https://media.assettype.com/bloombergquint%2F2023-12%2F31fdcb73-a6d6-4600-9768-692ac5c82d3b%2Fsfdnuno8_indian_oil_petrol_pump_650_625x300_12_February_19.jpg?auto=format%2Ccompress&w=200)
Shares of Indian Oil Corp. declined on Friday after turning ex-dividend. The company will pay a dividend of Rs 7 per share for the previous financial year, and the record date has been fixed at July 12, according to an exchange filing. This is the highest-ever final dividend paid to shareholders by the company, according to Bloomberg data.
Shareholders who buy the stock at least one day before the ex-date are eligible for dividends as settlement happens the next day. Those buying the stock on the ex-date are not eligible for dividends.
![Indian Oil Corp. Shares Fall After Trading Ex-Dividend](https://media.assettype.com/bloombergquint%2F2024-07%2F20256ac5-304e-4aff-aee3-3bfe990e22b9%2FIOC.png?auto=format%2Ccompress)
Shares of Indian Oil Corp fell as much as 4.06% during the day to Rs 167.35 apiece on the NSE. It was trading 3.26% higher at Rs 168.7 apiece, compared to a 0.24% advance in the benchmark Nifty 50 as of 10:27 a.m.
The stock has risen 72% in the last 12 months. The relative strength index was at 50.
Thirteen out of the 32 analysts tracking the company have a 'buy' rating on the stock, six recommend a 'hold' and 13 suggest a 'sell', according to Bloomberg data. The average of 12-month analyst price targets implies a potential downside of 1.5%.