Hindustan Zinc plunged by over 9% to Rs 298.95 on Thursday’s fourth ex-dividend day in FY23.

This follows an announcement of a fourth interim dividend of Rs 26 per share, amounting to a total payout of Rs 10,986 crore, with the record date for payment of the dividend set for March 29, 2023. The metals and mining giant has been a consistent dividend payer in FY23, with the latest payout being its highest ever.

This latest dividend, which is in addition to the Rs 13 per share dividend announced in January, Rs 15.50 per share dividend paid in November 2022, and Rs 21 interim dividend paid in July 2022, is expected to earn promoter Vedanta Resources Rs 7,132 crore in dividend payout on more than 274 crore shares it owned in Hindustan Zinc as of December quarter-end.

Meanwhile, Vedanta Ltd will also be handing out its fifth dividend for the financial year ending on Friday, as its parent company Vedanta Resources Ltd seeks to shore up funds to trim debt. According to Bloomberg calculations, the total payouts by Vedanta Ltd for the year, including earlier dividends, will be about Rs 37,700 crore.

Despite the fall in share prices, Hindustan Zinc’s stock has a current market capitalisation of Rs 1,27,160 crore and its current stock price of Rs 298.95 per share, with a high dividend yield of 25.1%.