Bengaluru: Hinduja Global Solutions (HGS) shares slumped 20 percent on Friday in their worst intraday in 14 years, with analysts said special dividends were announced by the company after the sale of his health business missed hope.
Hgs, the Business Process Management Unit of the Hinduja Group of the Conglomerate of the Indian Century Century, said on Thursday it would pay an interim dividend of 150 rupees per share ($ 2.02), or around $ 42 million, after receiving the sales of $ 1.09 billion.
“The investor community expects a much greater dividend after a big problem, so there is a disappointment at the front,” said Anita Gandhi, director at Arihant Capital Markets.
The HGS board also announces bonus sharing problems and agreed to increase the limit to expand loans, invest and provide guarantees or security of up to 35 billion rupees.
Hgs in August sells its health care service business, which carries around 53 percent of the company’s total revenue in the Fiscal Year 2021, to funds related to the Asian private equity dish for $ 1.2 billion, because it looks to build digital services.
Until near Thursday, shares have risen nearly 17 percent since August, reaching a high record this week after HGS said it would consider dividends and bonus issues of stocks.
On Friday, stock was locked on a lower circuit at 2,856.65 rupees, the weakest since December 6.
“This is a special interim dividend that we have paid to honor the closure of health sales that occur,” Global HGS Chief Executive.
The Partha Desarar officer told CNBC-TV18 on Friday morning.
“We will expand our footprint in the digital room …
We have been looking for good purchases in the room.
There are some of which we are active discussion,” said Desarkar.
Hinduja Global Share dropped the most in 14 years of dividend disappointment
