Usually it is observed that the dividend is taken into account in the futures price of a stock before the ex-date. For example at present i.e for the ex-date in November-23. futures of PFC is below the spot price. However in price of futures of IOC & Coal India, futures are quoting above the spot price. In IOC I am referring to the price before the ex-date. Can someone explain it please? Ex-date of Coal India is in the month of Nov-23