Strides Arcolab hits new low

Strides Arcolab is currently the top gainer on the BSE, down by over Rs.500 at Rs.375.80 and this is after having hit a new 52-week low at Rs.354.84.

The stock is down as it has turned ex-dividend from today. On 10^th Dec’13, the company had announced a generous special dividend of Rs.500/equity share and 20^th Dec as record date for determining the eligibility of shareholders for payment of special dividend. This special dividend has been announced after it concluded selling its Agila Specialties unit to Mylan. As of yesterday, the stock offered a very good yield of 57%.