OFSS has declared dividend of Rs. 225. Ex date for the same is 9/5/2023 if i short the May future on 8/5/2022 what will happen?
If you’re looking to make a profit, then this is not possible 
On the ex-date, the exchange will carry out adjustments in F&O contracts as per the formula prescribed by SEBI. Adjustments will result in a change of base price, option strike values & the market lot depending on the adjustment factor and are carried out in such a way that the value of the position of the market participants, on the cum and ex-dates for the corporate action, shall continue to remain the same as far as possible.
You can check out this post, which explains how the adjustments were carried out when Vedanta announced an extraordinary dividend:
Thank you for the information