Ifad Autos share drops 13.55% as it declares low dividend
During the session, its share price fell by Tk3.70 to close at Tk23.40 at the Dhaka Stock Exchange
The shares of Ifad Autos, the country's sole distributor and assembler of India-based Ashok Leyland vehicles, dropped by 13.55% in the first-hour trading session today (27 October) as the company declared a low dividend for the last fiscal year.
During the session, its share price fell by Tk3.70 to close at Tk23.40 at the Dhaka Stock Exchange (DSE).
In the stock exchange filing, the company announced that its board recommended 1% cash and 1% stock dividends to its shareholders for the fiscal year of 2023-24.
Earlier, it had paid a 10% cash dividend in FY23.
In the last fiscal, it posted a loss per share of Tk0.62.
Ifad Autos' share price jumped over 20% last week on the news of introducing the Royal Enfield motorcycle. However, the company explained that Ifad Autos is not involved in the motorcycle business.
Royal Enfield is under another company of the Ifad Group, which is not related to the Ifad Autos.