Videocon snaps 25-session losing streak, gains 5%

NEW DELHI: Shares of Videocon advanced 5 per cent on Tuesday 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 close at 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.

According to sources, Crompton Greaves 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.

The stock touched its fresh 52-week low at Rs 16.35 on June 27, 2017 and its fresh 52-week high on October 6, 2016.

Shares of Crompton Greaves were trading 2.10 per cent down at Rs 214.55 at around 10 am (IST) to eventually end the session 1.30 per cent up at Rs 222.