Why stock price falls after dividend

Is the stock price fall after dividend consistent across all markets?

The price typically drops on the ex-dividend date by roughly the dividend amount because cash leaves the company, but it’s not perfectly consistent across markets. Differences in tax regimes, market microstructure, liquidity, and investor behavior can cause under/over-adjustments and varying speed of recovery; some exchanges also apply explicit reference-price adjustments. In India, for example, exchanges mark down the ex-price by the dividend, but trading can move the price away from the theoretical drop.