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NMDC shares sink after scrapping FY'18 dividend

Shares of National Mineral Development Corp. Ltd. dropped over 6% in India on March 19 after the company decided to skip dividend payments for fiscal 2018.

The Indian state-owned iron ore miner declared its first interim dividend of 4.15 Indian rupees per share for fiscal 2017, which ended March 31, 2017.

NMDC in February posted a stand-alone profit of 8.87 billion rupees for its fiscal third quarter ended Dec. 31, 2017, increasing 49% year over year from 5.95 billion rupees.

As of March 16, US$1 was equivalent to 65.03 Indian rupees.