Oil India stock underperforms while other F&O go flat
Shital Jibhe / 12 Jan 2017
Oil India opened at 4.8 per cent down at 347.20, on Thirsday which further plunged to of 342.15 down by 5.4 per cent. On January 6, the company had informed about the outcome of posta; ballot/e-voting for the issue.
Oil India opened at 4.8 per cent down at 347.20, on Thursday which further plunged to of 342.15 down by 5.4 per cent. On January 6, the company had informed about the outcome of posta; ballot/e-voting for the issue.
While the benchmark index NIFTY is struggling to cross and trade above 8,400, all other oil shares are trading flat except Oil India which underperformed -is one of the biggest loser for the sector on Thursday as well.
On this backdrop, shareholders of Oil India will be eligible to get one share for every three shares they hold. On 28th November 2016, the company had announced about bonus shares with a record date of 13th January 2017. Yesterday was the last day to buy the shares of Oil India to be eligible for these bonus shares.
This was the third time company issued bonus shares for their shareholder. In 1994, it issued 2:1 bonus, later again in March 2012 they issued 3:2 bonus for their shareholders.
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