Market experts believe the Whirlpool stake sell could be a one-off, and that other global multinationals with listed Indian subsidiaries were unlikely to see things that way
American home appliances giant Whirlpool Corporation successfully offloaded 24 percent of its stake in its Indian counterpart, Whirlpool of India, on February 20, through a block deal.
Whirlpool Of India s share price falls 6 percent on Tuesday following a downgrade by global brokerage house Jefferies amid hypercompetitiveness in the consumer durables segment. The brokerage reduced the target price for the firm to ₹1,125 from ₹1,265.
Whirlpool CEO Marc Bitzer has said the has no plans to exit India. They decided to sell a 24 percent stake in Whirlpool India as its valuations were at an earnings multiple of 50 times, the CEO has said