Whirlpool India hits 6-year low; stock dips 6% on brokerage downgrade

Jefferies has downgraded the household appliance maker to 'underperform' from 'hold', cutting the target price to Rs 1,125 from Rs 1,265.

Shares of Whirlpool of India hit over six-year low of Rs 1,186.85, as they slipped 6 per cent on the BSE in Tuesday's intra-day trade after Jefferies downgraded the household appliance maker to 'underperform' from 'hold', cutting the target price to Rs 1,125 from Rs 1,265. The stock hit its lowest level since September 2017.

Since February 20, in the past six trading days, the market price of Whirlpool India has declined 11 per cent after Whirpool Mauritius, the promoter group company, offloaded nearly 24 per cent stake in the company for Rs 3,881 crore to reduce debt. It sold 30.39