350% Dividend: Multibagger Stock Falls Over 7%, Turning Ex-Dividend Next Week On Sept 22

Finolex Cables Ltd. shares on Tuesday tanked more than 7% on the BSE ahead of the ex-dividend date. The stock will trade ex-dividend next week on Sept 22, 2023, as the Board of Directors fixed last month on Aug 16, 2023. Finolex Cables is an Industrial sector midcap stock. It has a market cap of Rs 16,469.27 Crore.

The Board of Directors of the company at its meeting held on May 26, 2023, had recommended payment of a dividend of 350% i.e. Rs. 7/- per equity share for the financial year 2022-23. The said dividend is subject to the approval of the Members at the AGM.

"The record date for determining the entitlement for receiving Dividend for the Financial Year 2022-23, is Friday, September 22, 2023. The said dividend, if declared at the AGM, will be subject to deduction of tax at source as applicable and will be paid on or before 28th October, 2023 to those Members whose names appear in the Register of Members as on the date of the AGM in respect of shares held in physical form and in respect of shares held in electronic form on the basis of beneficial ownership as per details to be received from respective Depositories i.e. National Securities Depository Limited ("NSDL") and Central Depository Services (India) Limited ("CDSL") as of close of their respective business hours on Friday, 22nd September, 2023)," the Board of the Directors of the company said in a filing.

The shares of Finolex Cables ended 7.13% lower at Rs 1,076.85 apiece on the BSE with intraday highs and lows of Rs 1,179.45 and Rs 1,064.05, respectively.

The stock declined 5.37% in the last 1 week. It gave 122.17% multibagger return in the last 1 year. It gave 286.31% robust return in the last 3 years. It gave 100.85% positive return in the last 5 years.

The stock's 52-week high is Rs 1,179.45 apiece and its 52-week low is Rs 437.70 apiece on the BSE.

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