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Why are the bonus shares not in my holdings even though the price of the stock has reduced?

Bonus shares are free shares that the shareholders receive for shares that they currently hold. These allotments typically come in a fixed ratio such as 1:1, 2:1, 3:1 etc.

You will be eligible for Bonus shares only if you’ve held shares on the Ex-date, or sold shares on the Ex date (due to the T+2 settlement cycle). 
For Ex:- if the ex-date for Bonus is 10th April, you need to buy the stock on or before 9th of April to be eligible for the Bonus.

The same concept applies to Dividends as well.

When a bonus is issued, the share price reduces by the factor based on the ratio of the issue, but the investment value of the held stocks doesn’t change & the remaining value is given to you in the form of bonus shares
If the bonus shares eligible is not in whole numbers the balance amount will be credited to the registered bank account.

For Bonus shares to be credited to your DEMAT account it generally takes 15 days from the record date, but this depends on the RTA (Registrar & Share Transfer Agents)You will receive an SMS from CDSL when your bonus shares are credited to your DEMAT.

Until the bonus shares are credited to your DEMAT, your holdings in Kite/Q will show an artificial drop in P&L. Once the bonus shares are credited to your DEMAT, your P&L will be restored to its correct value. Although, this isn't always the case, check out this article to learn more.

Bonus & Splits essentially have the same impact, but the difference is in splits is, the face value of shares reduces.

You can keep track of all the current and upcoming corporate actions on Zerodha Pulse & Zerodha Bulletin.