Lloyd Electric dips 12% on sale of biz unit to Havells India

Shares of Lloyd electric have tanked nearly 12% on the National Stock Exchange (NSE) to Rs 288 level in opening moves, after the company sold its consumer durables business to Havells India for Rs 1,600 crore. By comparison, the Nifty50 is trading flat at 8,831 levels.

The company has signed an agreement with Lloyd Electrical and Engineering Limited and Fedders Lloyd Corporation Limited for acquiring Lloyd brand and the consumer durable business that is engaged in sourcing, assembling, marketing and distribution of consumer durables including air-conditioners, TVs, washing machines and other household appliances. CLICK HERE FOR THE DETAILED REPORT

Havells India, on the other hand, is trading 0.7% lower at Rs 423 levels on the NSE.