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HDFC Asset Management cuts fiscal-year dividend

India's HDFC Asset Management Co. Ltd. lowered its dividend for the fiscal year ended March 31.

The company declared a dividend of 16 Indian rupees per share, down from 92 rupees per share in the year-ago period, according to the company's annual report.

As of April 16, US$1 was equivalent to 65.47 Indian rupees.