Whirlpool of India Launches India s Most Advanced Air Conditioner Range 2024 bignewsnetwork.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from bignewsnetwork.com Daily Mail and Mail on Sunday newspapers.
"In India we took our shareholding down to 51%. We believe in India for the long term, but if we have a business which is trading at 50 times multiple and your own company (parent entity) trades at a lot lower, it is basic arbitrage," Bitzer told CNBC on Monday.
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 Corporation on Tuesday sold 30.4 million shares, constituting 24% stake in its Indian unit Whirlpool of India through the open market for $468 million.