Shares of iron ore miner NMDC tumbled nearly 14 per cent amid massive selling by investors as the stock went ex-dividend on Wednesday.
The stock plunged 13.63 per cent to Rs 80.50 on BSE. Experts said that profit-booking pulled down the stock.
NMDC had informed BSE earlier this month that the company has fixed February 25, 2016 as the record date for the purpose of payment of first interim dividend for the financial year 2015-16.
Board of Directors of the company at a meeting held on February 12, declared first interim dividend at the rate of Rs 9.50 per equity share for the financial year 2015-16.
State-run iron ore miner NMDC has posted 58.8 per cent decline in standalone net profit at Rs 655.04 crore for the quarter ended December 31, 2015, due to fall in iron ore prices.
The company had reported a net profit of Rs 1,593.01 crore in the year-ago period.