IPL Chart thread, page-19

Around 24 May 2022 IPL announced intent to split Dynamite and Fertilizer businesses into two separate ASX entities. The immediate market reaction can be seen in the following graph on the LHS.

The price then settled at about $3.52 ish (current dotted resistance line) over about 3 weeks. That's time enough to absorb this news. Now we are well and truly back into that range again. During such a split those that hold IPL will be allocated some ratio of shares in both of the new ASX companies.
At current SP of ~ $3.43 and last FY dividends of 27 cents would give about 7.8% dividend payout (if repeated) during the coming next two payouts. That appears quite attractive.
This big sell off over the last 3 or 4 days is occurring due unknown reasons to me.
I can only guess that it is because:
1. some entities need the money elsewhere in a hurry and has nothing to do with IPL and
1.1. associated stop losses being hit with current price fall thus increasing the drop
I cannot think of any other reasons for this sell off because IPL appears to me to be a very solid blue chip, is profitable with good revenue.