Rolex Rings share price showing 90% crash today, here's why  

Shares of Rolex Rings, the automotive components maker, are down 90% from the previous close today. The fall in the stock comes after it is trading ex-split on bourses. The stock, which closed at Rs 1327  on Thursday, started the session showing a previous close at Rs 132.7 today.

The company had fixed October 17 as both the ex-date and the record date for the stock split.

The ex-date is the cut-off date before which investors must hold or buy the shares of a company to be eligible for the stock split. The record date is the date on which a company checks shareholders’ list to determine shareholders eligible for the stock split.

Meanwhile, the stock was trading on a flat note in early deals on NSE today.

Rolex Rings shares traded at Rs 132.50 on NSE. Market cap of the firm stood at Rs 3488 crore.

The split of equity shares will make the shares more affordable and attractive to invest, thereby encouraging greater participation of retail investors and will also enhance the liquidity of the company’s shares in the market.

The company's board approved a stock split in a ratio of 1:10 on September 4 this year.

Rolex Rings is engaged in manufacturing of forged & machined bearing rings and automotive components.