Haryana Fibres and Triton Dividend cancellations leave investors in the lurch

Dividend cancellations leave investors in the lurch

With share prices falling to abysmal levels, investors are expecting corporates to offer some respite by doling out healthy dividends. While many companies have already got into the act by announcing large dividends towards the end of 2007-08, a few others, in fact, have left investors in the lurch, with the boards going back on their earlier plans to pay interim dividends. The companies in question are Haryana Fibres and Triton.

These companies had fixed record dates for the propose though they had not declared the amount of dividend they were planning to pay. They subsequently intimated the Bombay Stock Exchange about their inability to announce dividends. Their stock market performance is nothing worth mentioning.

Haryana Fibres is already under suspension while Triton is quoting below par in the current market. Market sources say the cancellation of dividends have raised eyebrows as their managements have not cited any particular reason behind their moves.