Persistent Systems Plunges Over 8% on Bonus Issue

Shares of Persistent Systems plunged over 8 per cent to Rs 856 after the company announced bonus issue of one share for every one share held by its shareholders.

 

Persistent Systems which is involved in IT consulting and software business announced the bonus issue with effect from today. The stock which closed at Rs 1,867 yesterday opened at Rs 933.80 after the bonus issue. 

 

Bonus issue will help in increasing liquidity of its shares as they will become cheaper in value.

 

The shares of Persistent Systems ended weaker by 9.3 per cent to Rs 845.