Sell down is probably due to disappointing drop in dividend. From 16 cents to 6 cents. 60% drop in dividend. If a company has consistently paid out a dividend 16 cents for 5 years... shock and disbelief if you cut the dividend by 60%.
The stock has underperformed the gold. In fact had you invested in physical gold in Jan 2018 you would be up by 43.91%. With RRL you would lost 48.72%. In Jan 2018, RRL share price was 4.60, dividend yield was 3.4%. If you are holding since 2018, your dividend yield would have shrunk to 1.3%, because your entry price is 4.60. If you are fund manager or a retiree you would be looking for better returns elsewhere.
At today's price of 2.12, the dividend yield (based 6 cents per annum) is 2.8%. The share price will probably drop to 1.78, which is the price for the investors see an attractive dividend yield of 3.4% again.
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