MUMBAI: Shares of Bharat Petroleum Corporation ( BPCL) were down 4.5% at Rs 433.25 at 1.30 pm on Wednesday after the oil marketer announced its second interim dividend, which was lower than analysts' expectations. The state-owned company's board at its meeting on Tuesday declared an interim dividend of Rs 5 per share at a face value of Rs 10 per share. The record date for the dividend is March 27. "We had believed a higher payout was possible considering stake sale in Numaligarh Refinery, sale of BPCL Trust Shares, which after adjusting for increased stake in Bina refinery implied Rs60/share of net proceeds," said Morgan Stanley, which has an overweight rating on BPCL with a target price of Rs 480.