The top loser on the BSE since morning today is Nalco. The stock is currently down almost 4%, with an intra day low at Rs.32.60.

The stock is down as it has turned ex-dividend today and the drop in the stock price is thus a natural reaction. The company had declared an interim dividend of Rs.1.10/share for the year ending 31st March 2014 and today, 5th March, it turned ex-dividend.

Why does a stock fall when it turns ex-dividend? Well, the price falls as it means that dividend payment has already been credited to the shareholders and from today, anyone who buys the stock will no longer be eligible to receive this dividend; he/she will now have to wait for the next dividend payment. Thus the price you see today is sans any dividend benefit.