GODFREY PHILIP

appeared to have crashed around 66 percent in one single session on September 16, as the stock price adjusted to a bonus issue of shares. The stock in reality jumped more than 9 percent after turning ex-bonus. Godfrey Phillips' board of directors during a meeting in August had approved the issue of bonus shares in the ratio of 2:1. The record date to determine the eligibility of the shareholders set to receive the bonus equity shares was set on September 16.