HDFC, HDFC Bank share prices turn ex-dividend today; how much investors may get

HDFC twin shares: Stock prices of HDFC Bank and HDFC tumbled on Tuesday as they turned ex-dividend. Both lenders have announced a hefty dividend for shareholders from their net profits for the fiscal FY23. HDFC Bank is paying a 1900% dividend, while HDFC is set to pay a 2200% dividend for the financial year.

At the time of writing, on May 16th trading session, HDFC Bank traded at ₹1,656.95 apiece down by ₹19.25 or 1.2% on BSE. The stock was near its day's low of ₹1,653.55 apiece.

On the other hand, HDFC's share price tumbled at a much higher scale. The NBFC stock traded at ₹2,737 apiece, shedding ₹47.05 or 1.7% on BSE. The stock has touched an intraday low of ₹2,730 apiece in early trade.

Ahead of the ex-dividend date, HDFC Bank's share price closed at ₹1,676.20 apiece up by 0.52% on BSE. While HDFC's share price finished at ₹2,784.05 apiece up by 0.3% on May 15.

The ex-dividend date is the day when the price of the equity shares of a company gets adjusted for the dividend payout.

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HDFC Bank:

Leading private sector lender, HDFC Bank in April month recommended a dividend of 1,900% aggregating to ₹19 per equity share from the profits of the fiscal year FY23. The dividends are subject to the approval of the shareholders at the ensuing annual general meeting (AGM) of the bank.

The bank further fixed May 16 as the record to determine the eligibility of members entitled to receive the dividend on equity shares.

As per the regulatory filing, if approved by shareholders, the bank plans to pay dividends after the AGM to those investors whose names appear in the Bank's Register of Members/ Register of Beneficial Owners maintained by the Depositories viz., National Securities Depository Limited and Central Depository Services (India) Limited as at the close of business hours on Tuesday, May 16, 2023.

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The latest dividend is high by 22.58% compared to the dividend paid in the previous fiscal. In FY22, the bank paid a dividend of ₹15.50 per equity share (1550%) to shareholders.

At the current market price, HDFC Bank's annual dividend yield is at 1.13%. 

HDFC:

NBFC giant, HDFC is set to pay a dividend of ₹44 per equity share of face value of ₹2 each for the financial year ended March 31, 2023.

The company also fixed May 16 as the record date to determine eligible shareholders for the benefit. 

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The FY23 dividend payment is the highest by HDFC since June 2001.

In the previous fiscal FY22, the dividend payment was 1500% at ₹30 per share; and in FY21, the dividend paid was to the tune of 1150% at ₹23 per share. In FY20, the NBFC player paid a dividend of 1050% aggregating to ₹21 per share.

At the current market price, HDFC's annual dividend yield is at 1.08%.