Nestle India share price drops 2% on the stock split's ex-date- Know all the details Here
Nestle India Share Split Update
Nestle India shares fell roughly 2% in the early trading session as its shares went ex-date for a 1:10 stock split. This stock split has made once one of the most expensive stocks in India more attractive.
Nestle India Limited’s board of directors has designated January 5, 2024, as the record date for the stock split. Shareholders whose names appear on the list by Friday would be entitled to ten times the number of Nestle India shares they presently own.
Reason For Nestle Share Split
Nestle India share prices has been reduced to one-tenth of their previous levels to make it more affordable for the general public who want to invest in the company. This strategic move by Nestle India’s board may result to increased trading volume and liquidity of its shares.
Nestle India’s shares, which were once the sixth most expensive on the Indian share market, were split at a 1:10 ratio on January 5th. This indicates that one Nestle share with a face value of Rs 10 will be divided into ten equity shares having a face value of Rs 1 per share
Market Trend
Nestle India shares began the day on the downside, reaching an intraday low of Rs 2,657 per share on the Bombay Stock Exchange, representing a nearly 2% drop from its previous day closing of Rs 2,711.60 per equity share.
Prior to the stock split, one share of Nestle India was worth Rs 27,150. One share of the corporation is now selling on the stock market for Rs 2,660.
