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Carsales.Com Ltd shares slide 3% lower

The S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has been having a bit of an off day on Thursday and looks set to finish the day with a decline of 13 points or 0.2%.

One of the worst performers on the benchmark index today has been the Carsales.Com Ltd (ASX: CAR) share price.

In late trade the car listings company’s shares are down over 3% to $14.11.

Why are they lower today?

A good portion of today’s decline can be attributed to Carsales’ shares going ex-dividend this morning for the company’s fully franked 20.5 cents per share interim dividend.

Eligible shareholders can now look forward to receiving this dividend in their nominated accounts on April 19.

That dividend accounts for around half of today’s decline. The other half could be due to concerns floating around about US-based rival CarGurus potentially coming into the Australian market in the near future.

Elsewhere, fellow car listings company iCar Asia Ltd (ASX: ICQ) has also seen its share price tumble lower today. Its shares are down 7.5% to 25 cents in late afternoon trade.

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Motley Fool contributor Motley Fool Staff has no position in any stocks mentioned. The Motley Fool Australia has recommended carsales.com Limited. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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