HUL down in the red

Glaxo SmithKline Consumer, when it had sold its the health food drinks brands in India and Bangladesh and other markets for $3.6 billion to Hindustan Unilever Ltd (HUL) in 2018, was to be paid in cash and a 5.7% stake in HUL. GSK has decided to cash-in on that stake now.

Today morning, GSK and Horlicks Ltd sold 5.69% stake or 13.37 crore shares via block deals today morning for Rs.26 crore or around $3.2 to 3.4 billion. The selling price is stated to be around Rs.1850 – 1950, which is at discount to its yesterday’s close of Rs.2009.

The stock price of HUL is down in the red today, opening lower at Rs.1951, with an intraday high and low at Rs.1991.95 and Rs.1902.30 respectively.