Tax calculation on stock split

Hi

When stock split happens, can we sell original shares and book losses, for e.g.

Bought at Rs.4000, after split it is Rs.40, number shares bought 1 and now 100. 

Now If I sell this one original stock, can I book loss of 3960 and hold remaining 99 shares. 

so buying price is 4000 and selling price is 40, how this short term capital gain tax be calculated?

Please clarify.

Thanks

Kumar