"Nestle India share price dips as stock trades ex-split in 1:10 ratio"
Stock Split :
In the early hours of trading on Friday, Nestle India faced a sell-off following its stock split. The share price opened lower, touching an intraday low of ₹2,657 on the BSE, reflecting a nearly 2% decline from the previous day's close of ₹2,711.60 per equity share.
Nestle India Stock Split Record Date:-
Investors and market observers are closely watching Nestle India as the stock becomes more accessible post the board of directors' decision to implement a 1:10 stock split. The record date for this subdivision, fixed by the company on 5th January 2024, means that each Nestle India share with a face value of ₹10 will be split into ten shares with a face value of Re 1 each.
This move aims to make Nestle India's shares more affordable, potentially increasing trade volume. Following the split, the share price is anticipated to adjust to around ₹2,700 per share, down from the Thursday closing price of ₹27,150 on the NSE.
Nestle India Stock Split :
In its Q2FY24 results, Nestle India reported a substantial 36% year-on-year increase in profits, reaching ₹908 crore. The company also experienced a 9.6% growth in revenues, totaling ₹5036 crore. Notably, during the September 2023 quarter, Foreign Institutional Investors (FIIs) reduced their stake from 12.38% in the preceding June quarter to 12.1%, while Domestic Institutional Investors (DIIs) increased their ownership from 9.05% to 9.32% over the same period. This showcases the dynamic investor landscape surrounding Nestle India.
As the stock undergoes changes with the stock split, market participants are keenly observing how this adjustment will impact its accessibility and trading dynamics.
