Shares of Hindustan Zinc fell 14 percent intraday Wednesday as the stock adjusted for special dividend.Board of directors of the company, on March 30, declared special golden jubilee dividend of Rs 24 per share for the financial year 2015-16. Vedanta group company had fixed April 07 as record date for payment of second interim dividend.
Accordingly, Hindustan Zinc will pay an amount of Rs 10,133.5 crore as a dividend. Vedanta is the major beneficiary, getting more than Rs 6,500 crore as it has 64.92 percent shareholding (representing 274.3 crore equity shares) in the company.
The Government of India, the second biggest shareholder after Vedanta, will get nearly Rs 3,000 crore as it hold 29.54 percent stake (124.79 crore equity shares) in the company.
At 11:55 hours IST, the scrip of Hindustan Zinc was quoting at Rs 162.70, down Rs 24.35, or 13.02 percent on the BSE.
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