Vedanta Stock Cracks Over 12% As Stock Goes Ex-Dividend

Shares of Vedanta in trade on May 6, 2022 is trading lower by over 10%. At day's low the stock hit a price of Rs. 356.05. This is a decline of 12.12%. Meanwhile, at the time of writing this copy, Nifty Metal of which Vedanta is the constituent has plunged by a sharp over 3 percent.

One of the reason for the steep fall in the stock price of Vedanta is that the stock has turned ex-dividend for today for Rs. 31.5 per share interim dividend announced for the fy 23. Record date for the same is May 9, 2022. Record date is the date based on which the company decides on the shareholders eligibility for the announced dividend, meaning to say those shareholders who would be owing the shares of Vedanta as on May 9, 2022 will be entitled to receive the dividend.

The company is reported to invest a sum of around $20 billion to not only expand its current business lines but also to foray into new verticals such as semiconductor manufacturing.

Also, on the back of rising metal prices across all the segments where the company operates, Vedanta Limited posted better than expected results with net profit almost quadrupling from Rs. 1441 crore in the corresponding period of last year to 4157 crore in the review period.