HDFC twins weigh on Dalal Street as shares go ex-dividend

HDFC Bank and Housing Development Finance Corporation (HDFC) – known popularly as the HDFC twins on Dalal Street – traded ex-dividend on Tuesday, weighing on the financial basket as well as the overall market.

Shares in HDFC – a mortgage lender – and HDFC Bank – India's largest lender by market value – declined around 1.5 per cent each to Rs 2,740 and Rs 1,654 apiece on BSE.

Generally, the price of a stock is adjusted when a company distributes a dividend. Simply put, the stock trades without the benefit of the next scheduled dividend payment on the ex-dividend date.

HDFC Bank dividend 

HDFC Bank has recommended a final dividend of Rs 19 per equity share for the financial year ending March 31, 2023, its highest dividend since its listing, according to data available on exchanges.

HDFC dividend

HDFC announced an interim dividend of Rs 44 per equity share for the financial year ended March 2023.

Besides these two heavyweights, among companies whose shares went ex-dividend on the same day are GM Breweries and Sundaram Fasteners.

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