Indian Oil Corporation (IOC) was trading 1% lower at Rs 318 on BSE after the stock was traded ex-bonus on Tuesday in the ratio of 1:1.
The stock opened 1% higher at Rs 324, hit an intra-day high of Rs 325 so far. A combined 1.13 million shares changed hands on the counter on the BSE and NSE till 10:08 am.
The state-owned oil marketing company has fixed October 19, 2016 as the record date for the purpose of ascertaining the eligibility of shareholders for issuance of bonus shares in the ratio of 1:1 i.e. one new bonus equity share of Rs 10 each for every one existing equity share of Rs 10 each held.
Since August 23, the stock had outperformed the market by gaining 18% after the IOC announced a bonus issue plan. The S&P BSE Sensex was 1.6% during the same period, till Monday, October 17.
The board of IOC will meet on October 27, to consider and approve the unaudited financial results of the company for the second quarter ended September 30, 2016 (Q2).