The Westpac Banking Corp (ASX: WBC) share price has weighed heavily on the market on Thursday.
In afternoon trade the banking giant's shares are down 4% to $29.00.
Why are Westpac's shares sinking lower?
Don't worry, there isn't another Royal Commission bombshell leading to a selloff today.
Almost the entirety of Westpac's decline today can be attributed to the bank's shares going ex-dividend this morning.
Eligible shareholders can now look forward to receiving Westpac's interim fully franked dividend of 94 cents per share in their accounts on July 4.
Westpac is the last of the big four banks to go ex-dividend for interim payouts following Australia and New Zealand Banking Group (ASX: ANZ) on Monday and National Australia Bank Ltd. (ASX: NAB) on Tuesday.
Commonwealth Bank of Australia (ASX: CBA), which operates over a different financial period, paid its interim dividend to shareholders in March of this year.
