Whirlpool Corporation to Trim Stake in Indian Arm, Shares Slide 20%
Shares of Whirlpool of India Ltd fell by 20% after Whirlpool Corporation announced plans to reduce its stake in the Indian arm to 20% by 2025. Currently holding 51% ownership, the company expects to remain the largest shareholder post-sell-down, aiming for increased autonomy and growth for Whirlpool India.
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- Country:
- India
Shares of Whirlpool of India Ltd experienced a sharp 20% decline following the announcement by its parent company, Whirlpool Corporation, that it plans to decrease its stake in the Indian subsidiary to approximately 20% by mid to late 2025.
The plunge was observed on both the BSE and NSE, where the stock hit its lower circuit limit, closing at Rs 1,262.15 and Rs 1,260.80, respectively. Earlier this year, in a significant move, Whirlpool Corporation had already sold a 24% stake in Whirlpool of India Ltd, raising around USD 468 million.
Despite the impending sell-down, Whirlpool Corporation remains committed to its Indian arm's future, with Executive Vice President James Peters highlighting continued growth prospects and increased autonomy for Whirlpool India to navigate evolving market conditions more effectively.
(With inputs from agencies.)