Shares of Hindustan Unilever (HUL) witnessed intense volatility in early trade as GlaxoSmithKline Pte and Horlicks reportedly sold 5.7% stake in the FMCG major in a deal valued at Rs 24,750 crore or nearly $3.3 billion.
After a gap down opening, HUL hit an intraday low of Rs 1902.30 in early trade. Bargain buying emerged at lower level, which pushed the stock higher in morning trade. Shares of HUL were currently down 1.98% at Rs 1970.
The counter witness a spurt in volume. On BSE, 64.70 lakh shares were traded so far as against an average daily volume of 1.08 lakh shares reported in the past one quarter. The scrip has traded in the range of Rs 1902.30 to Rs 1970 so far during the day.
On NSE, 16.32 crore shares were traded so far as against an average daily volume of 38.65 lakh shares reported in the past one quarter.
In December 2018, HUL approved the merger of GlaxoSmithKline Consumer Healthcare India (GSK CH India) with the company, in a deal worth Rs 31,700 crore to acquire Horlicks and Boost, among other health food drinks.
The all-equity merger transaction saw shareholders of GSK CH India getting 4.39 shares of HUL for every one share of GSK CH India. That, in turn, led to GSK Plc. holding 5.7% in HUL.
HUL is engaged in fast-moving consumer goods business comprising home, beauty and personal care, foods and refreshment.
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