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Integrated energy company GAIL (India) Ltd slumped as much as 5.13 per cent to its lowest since February 15 as shares started trading ex-bonus.
The stock was among the top percentage losers on the Nifty.
“This is just a bonus adjustment. A lot of people play the bonus trade and that is what has probably impacted the stock.” said an analyst.
The company had said on February 22 that it would issue one bonus share for existing three equity shares.
Up to Wednesday's close, the stock had risen about 18 per cent this year compared with a 9 per cent increase in the broader NSE index.
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