Shares in jewellery maker, Gitanjali fell after the promoters rejected a dividend payment. The stock was last trading at Rs 54.35 on the National Stock Exchange, down 1% in trade.
According to reports in the Economic Times, the promoters of the company have rejected the 30% dividend plan as proposed by the board of directors.
The annual general body meeting of the company was held late last month and the promoters and the minority shareholders have reportedly rejected the dividend payout.
Gitanjali Gems has seen its stocks fall out of favour with investor ever since there were reports of firms manipulating the stock price. The stock has fallen from a 52-week high of Rs 649 to the current levels of Rs 54.35 on persistent selling, in which the stock was stuck at the lower end of the circuit filter for many days.
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