Shorting futures

Lets say company X declared dividend of 10 rupees . Ex date is 15 december 21.

Spot price was 100. Future price is 101 on 14 December 2021.

I sold futures at 101 on 14 Dec 2021.
Lets say… on 15 december futures opened at 91, i squared off my postion on 15 december at 91. Do i get 10 rupees profit or the 10 rupees dividend adjustment in futures price will be adjusted against my profit ???

Generally market discounts the expected dividend in future price in advance

Lets assume in my example market didnot factor in dividend discount in advance,

I sold futures at 101 and on next day after the dividend adjustment in futures price I squared off at 91. Do i get 10 rupees profit ??

No, since dividend is greater than 5%, strike price would be accordingly adjusted. If dividend is less than 5% no adjustments are made to strike price. You can read more here https://www1.nseindia.com/products/content/derivatives/equities/adjust_in_case_corp.htm