Nazara Technologies Stock Price Down: What’s Behind the 75% Drop?
The shares of Nazara Technologies, India’s only listed gaming entity, underwent a sharp price correction in trade on Friday, having declined 75 per cent, as the stock began trading ex-bonus and ex-spilt.
The stock dipped to intraday low of Rs 279.30 on the BSE bourse as against its previous close of Rs 1,116.85.
This decline of 75 per cent is not as a result of any negative development as it occurred due to two corporate actions a 1:2 stock split and a 1:1 bonus issue, implemented simultaneously by the company.
The stock split reduced the face value of each share from Rs 4 to Rs 2, while the 1:1 bonus issue granted one bonus share for every post-split share.
So, if an shareholder owned 5 shares ahead of the stock split will now hold…
