Shares of Nestle India slipped up to 2.5% during the early morning trade as the stock remains on the radar of the market participants as the stock witnessed the first split in its lifetime. 

Nestle India’s shares hit an intraday low of Rs 2,642.45, down 2.5% from the previous closing price on the National Stock Exchange (NSE). At 02:20 pm, the scrip was trading 1.68% lower at Rs 2,666. 

The board of directors of the FMCG company has fixed January 5 as the record date for the stock split in the ratio of 1:10. This means that one share of Nestle India with a face value of Rs 10 will be split into 10 shares with a face value of Re 1 per equity share. 

Nestle India announced the share split in an exchange filing in October 2023. All shareholders of Nestle India with their names in the list at the end of the record date will be eligible to receive split shares.

Nestle India is involved in the manufacturing of branded milk products and other food products. This is the first-ever stock split announced by Nestle India. Post the split, India’s sixth highest-price stock will become more affordable and increase liquidity at the counter.