Block Deal: Whirlpool shares under pressure; what should investors do?
Zee Business managing editor Anil Singhvi has recommended not to adventure to buy the Whilepool India stock after the block deal. He said that valuations would come down due to a big floating stock.
Whirlpool of India Stock Price: After a block deal of the appliance maker's equity, the stock of Whirlpool of India traded below over 2.50 per cent on BSE on Tuesday (February 20, 2024).
In the block deal, as many as 2 crore shares exchange hands.
The deal is for the sale of 16 per cent of Whirlpool of India's equity. After the block deal, the stock of Whirlpool of India was trading down by 2.52 per cent, or Rs 33.50, at Rs 1297.95 at 11:03 am.
Earlier, Reuters reported that the Indian appliance maker was set to sell its 24 per cent stake in the company.
It said Goldman Sachs was advising Whirlpool on the deal, as per the term sheet.
Whirlpool said in a U.S filing in November that it had planned to sell the stake in a bid to reduce debt.
Whirlpool's profit fell for a sixth straight quarter in the December quarter as it faced rising competition and price pressures.
What Anil Singvi said about Whirlpool of India stock
Zee Business managing editor Anil Singhvi has recommended not to adventure to buy the Whilepool of India stock after the block deal.
He said that valuations would come down due to a big floating stock.
Whirlpool of India Share Price
The stock of the company has slid by 18.73 per cent in the six-month period, while it has remained flat in the one-year period.
The benchmark Nifty 50, meanwhile, has jumped by 13.95 per cent in the six months and 23.85 per cent in the one-year period.
(With inputs from Reuters)
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