Shares of Kotyark Industries Ltd and ZF Commercial Vehicle Control Systems India Ltd may be showing a sharp drop in Wednesday's trade after turning ex-bonus, with the price adjustments reflecting their respective bonus share issues.

Both companies had fixed June 24, 2026, as the record date for their bonus issues. Shareholders whose names appeared in the records as of the record date are eligible to receive the bonus shares.

Under Sebi's T+1 settlement cycle, investors needed to purchase the shares at least one trading day before the record date for the shares to be credited to their demat accounts in time to qualify for the corporate action. Once a stock turns ex-bonus, its market price is adjusted to account for the additional shares being issued.

Kotyark Industries

Renewable energy company Kotyark Industries turned ex-bonus for its 10:1 bonus issue, under which shareholders will receive 10 bonus shares for every one share held on the record date.

The company had earlier announced plans to issue 10.28 crore bonus shares with a face value of Rs 10 each. This is Kotyark Industries' first bonus issue.

Following the ex-bonus adjustment, the stock was trading at Rs 43.40, down 90.46 per cent from its previous level.

ZF Commercial Vehicle

Auto component maker ZF Commercial Vehicle Control turned ex-bonus for its 5:1 bonus issue, entitling shareholders to five bonus shares for every one share held on the record date.

The company announced the bonus issue in May, marking its first such corporate action.

After adjusting for the bonus issue, the stock was trading at around Rs 2,800, reflecting a decline of 82.59 per cent compared with its pre-bonus price.

The sharp declines in both stocks reflect ex-bonus price adjustments following the bonus share issuance.