Small-cap Stock Turns Penny Stock After 1:10 Stock Split
Stock market: Exxaro tile's share price today witnessed a decline of over 6%.
Small-cap Stock Turns Penny Stock
Exxaro Tiles, a leading manufacturer of vitrified tiles, had announced a 1:10 stock split in a bid to make its shares more affordable and attractive to investors. However, the plan appears to have backfired, as the share price has dropped 6% to penny stock levels.
As of now, Exxaro Tiles Ltd's share price stands at ₹11.00, down 3.51% from its previous close. The stock has been witnessing a steady decline in value over the past few months, and the stock split seems to have accelerated the downward trend.
Share price trend
Exxaro Tiles is a small-cap stock with a market value exceeding ₹480 crore. Exxaro Tiles shares have grown steadily in recent months, with a 25% increase in the last month and more than 13% in the last six months.
However, year-to-date (YTD), Exxaro Tiles stock has returned more than 7% in the negative.
