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

HDFC and HDFC Bank shares – known popularly as the HDFC twins on Dalal Street – traded ex-dividend on Tuesday.

Generally, the price of a stock is adjusted when a company distributes a dividend. | Image: Pixabay

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.

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