Coal India shares slump 7% as stock trades ex-dividend

Shares of Coal India fell over 8 per cent to near 2-month low as the stock turned ex-dividend on Monday.

The stock hit an intraday low of Rs 292.35, down 8.36 per cent on the Bombay Stock Exchange (BSE) and ended 6.96 per cent down.

A stock trades ex-dividend on or after the ex-dividend date (ex-date). At this point, the person who owns the security on the ex-dividend date will be awarded the payment, regardless of who currently holds the stock.

Board of directors of Coal India had approved payment of interim dividend for the financial year 2015-16 at Rs 27.40 per share.

(With inputs from Reuters)