Business Process Outsourcing (BPO)/ Knowledge Process Outsourcing (KPO) player Hinduja Global Solutions stock hits lower circuit as it plunges 20%. The company declared a Rs. 150 special dividend along with a bonus issue of 1:1. The record date will be 29 January 2022.
However, the decision failed to cheer the shareholders which resulted into heavy selling. Earlier, in August 2021, the company sold its health care business to Baring Private Equity Asia for a whopping $ 1.20 billion. The post tax benefit of this deal would be Rs.3700 to 3800 per share. Naturally, the shareholders of the company have expected a hefty special dividend. Because of this expectations, the stock hit a record high of Rs. 3,948 on Tuesday, January 4, 2022, as the company intimated that it would consider an interim dividend. The stock rallied over 24% during last month. But now, as the dividend amount didn’t match with expectations, the stock gave up its recent gains.