Hopes of a very liberal bonus had driven the Hindustan Petroleum (HPCL) stock from Rs 140 to a high of Rs 297 ahead of its earlier bonus meeting on May 27. But the deferment of the bonus issue led to a slide in the stock back to around Rs 250.

Although the PSU petroleum behemoth is expected to capitalise its reserves in the ratio of two shares for every one share held (2:1), the stock has failed to attract any buying ahead of the bonus meeting. After rising from Rs 250 to Rs 301, the HPCL stock has dropped back to Rs 280. Last bonus by Hindustan Petroleum was way back in 1994 when the company capitalised its reserves in the ratio of two shares for every one share held.