Nestle India dips 2% as shares trade ex-date for 1:10 stock split

In October 2023, the board of Nestle India had approved splitting one share of face value of ₹10 each into 10 shares of Re 1 face value each.

As per the October filing, Nestle India said its board approved: "Sub-division/ split of each equity share of face value of ₹10/- (Rupees ten only) each, fully paid-up into 10 (ten) equity shares of face value of Re 1 /- (Rupee one only) each, fully paid-up by alteration of Capital Clause of the Memorandum of Association of the Company, subject to the approval of the members of the company to be sought by means of Postal Ballot."

This is the first ever stock split announced by the company. The stock split will bring Nestle India's share price to one tenth of the current price. The sub division of shares will make the scrip more affordable for retail investors and increase liquidity at the counter.

Nestle India is the India unit of Nestle S.A. and is involved in the manufacturing of branded milk products and other food products. It is also known for manufacturing Maggi noodles, soups and sauces.