Godfrey Phillips dips post dividend announcement

Godfrey Phillips dips post dividend announcement

The stock of leading cigarette producers Godfrey Phillips India Limited saw dip during Thursday's last trading session after its board announced a dividend of Rs. 10 per equity share. The stock closed down by 4 per cent.

Godfrey Phillips is engaged in the manufacturing and selling of cigarettes, smoking tobacco and cigars. The company is well-known for its Marlboro brand, it also has a line of non-tobacco products.

At the Annual General Meeting held on May 30, 2019, Godfrey Phillips India Limited announced a payment of a dividend of 500 per cent, which is Rs.10 per equity share of face value Rs. 2 each. Accordingly, the dividend will be paid within 30 days of declaration.

Despite the announcement of the dividend, on Thursday, the share price of Godfrey Phillips India Limited dropped to Rs. 950.20 per share which is a negative 4.25 per cent change from its closing price of Rs. 992.40. A sudden dip in the share price was seen soon after the company's AGM ended. The stock's 52-week high is at Rs. 1,209 and 52-week low is Rs. 640.45 on BSE.