Nestle India Share Price Experience a Dip Today
Nestle India share price
Nestle India Share Price,Nestle India experienced a dip in share price as it traded ex-split in a 1:10 ratio on Friday. The share price opened lower, hitting an intraday low of ₹2,657 on the BSE, marking a nearly 2% decrease from the Thursday close of ₹2,711.60 per equity share. This dip is attributed to the stock split, which is expected to make Nestle India’s shares more affordable for investors.
The board of directors of Nestle India Limited fixed January 5, 2024, as the record date for the subdivision of stocks in a 1:10 ratio. This means that one share with a face value of ₹10 will be subdivided into ten shares with a face value of Re 1 each. Nestle India communicated this information to the stock market, emphasizing that the stock split was approved by shareholders through a postal ballot on December 8, 2023.
The move is anticipated to attract attention from investors and market observers due to the increased affordability of Nestle India’s shares. The stock’s reduced price post-split may lead to a rise in trade volume, with the share price expected to settle around ₹2,700 apiece after the split. Notably, Nestle India’s share price closed at ₹27,150 per share on the NSE the day before the split.
In the company’s Q2FY24 results, Nestle India reported a significant 36% YoY increase in profits, reaching ₹908 crore. Concurrently, revenues witnessed a growth of 9.6%, totaling ₹5036 crore. Despite the positive financial performance, there was a change in institutional ownership 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%.
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