New Delhi, June 17 -- Shares of Bengaluru-based real estate developer Brigade Enterprises seemed to witness a sharp 22% decline on Wednesday. However, the apparent fall was purely a result of the stock turning ex-bonus and did not represent any erosion in shareholder wealth. In fact, after adjusting for the bonus issue, the stock gained around 10% during the session.

Brigade Enterprises shares had settled at Rs.720.25 apiece on the NSE on Tuesday. Following the adjustment for the company's 1:3 bonus issue, the stock opened at Rs.559.70 per share on Wednesday. While the lower opening price gave the impression of a steep decline, the adjustment merely reflected the impact of the bonus shares being issued to eligible shareholders.

After op...