Videocon Industries up 5% after falling 83% in 25 trading days

Since May 19, in past 25 trading days, the stock of tanked 83% from Rs 100.45 to Rs 17.20 on Friday.

Videocon Industries is locked in upper circuit of 5% at Rs 18.05, recovering 10% from its 52-week low of Rs 16.35 hit on BSE in early morning trade, on the back of heavy volumes.

Till 11:38 am; a combined 14 million equity shares representing 4.5% of total equity of Videocon Industries have changed hands on BSE and NSE, the exchange data shows.

Since May 19, 2017, in past 25 trading days, the stock of consumer electronics Company tanked 83% from Rs 100.45 to Rs 17.20 on Friday, June 23, 2017. On comparison, the S&P BSE Sensex was up nearly 3% during the period.

According to media reports, Crompton Greaves Consumer Electricals backed by private equity heavyweights Advent and Temasek is seen as the front-runner in the early stages of ongoing negotiations for Videocon Industries’ Kenstar brand.

Earlier in April, Business Standard reported that a host of Indian consumer electronics companies like Havells and Voltas, besides private equity companies, are in a race to buy out Videocon Industries’ Kenstar brand to increase their market share. Videocon is selling Kenstar to reduce its debt, at Rs 43,000 crore as of March this year. CLICK HERE TO READ FULL REPORT.