New Delhi, July 24 -- Shares of small-cap Kalind rose 5% in Friday's session, July 24, to Rs.11.29 apiece. However, many investors were surprised to find the stock reflecting an apparent 86% decline in their demat accounts compared with the previous day's closing price.

The sharp adjustment was purely technical and not the result of any negative development or market sell-off. The company had fixed July 24 as the record date for its 1:5 stock split and 1:2 bonus issue, both of which became effective from Friday. As a result, the stock price was adjusted to account for the increased number of shares outstanding.

After factoring in both the stock split and the bonus issue, Kalind's adjusted closing price from Thursday worked out to around...