Videocon snaps 25-session losing streak, gains 5%
NEW DELHI: Shares of VideoconBSE 4.94 % advanced 5 per cent in Tuesday’s trade amid reports that multiple suitors have expressed interest in its home appliances brand Kenstar.
Following the development, shares of Videcon surged 4.94 per cent to a high of Rs 18.05 on BSE. The scrip opened at Rs 16.35 and touched an intraday high and low of Rs 18.05 and Rs 16.35, respectively, in trade so far.
According to sources, Crompton GreavesBSE -0.80 % Consumer Electricals backed by private equity heavyweights Advent and Temasek is being seen as the front-runner in the early stages of the ongoing negotiations.
The shares of the company had been trading low since the last 25 sessions and have lost as much as 78 per cent from Rs 81.95 on May 22, 2017 to Rs 18.05 on June 27, 2017.
Shares of Crompton Greaves were trading 2.10 per cent down at Rs 214.55 at around 10 am (IST) while BSE Sensex was down 0.14 per cent at 31,096.