Whirlpool of India Shares Nosedive After Promoters Offload Stake in Block Deal

Shares of home appliance maker Whirlpool of India fell as much as 12% on Thursday after reports said its American promoters had offloaded a large portion of their holding through a block deal.

About 1.5 crore shares changed hands in early trade, according to CNBCTV18, representing roughly 11.8% of the company’s equity.

The broadcaster reported that the shares were priced at a floor of ₹1,030 each, about 14% below the prevailing market price, valuing the deal at an estimated ₹965 crore.

Following the transaction, the stock dropped as much as 12% intraday. At 3:00 PM, Whirlpool of India was down 11.15% at ₹1,066.9 on the NSE.

Point to note: Whirlpool is yet to confirm the participant of the transaction. But it its the promoters, they will be subject to a 90-day lock-in period after the sale, restricting any additional share disposals.

Whirlpool of India is majority owned by Whirlpool Mauritius, a unit of US-based Whirlpool Corporation. The parent has been steadily trimming its stake over the past two years as part of a broader capital reallocation strategy.

Promoter shareholding, which was about 75% in late 2023, has declined to roughly 51% following several large on-market and block transactions across 2024 and 2025.

It was earlier reported that Whirlpool Corporation was in talks with Advent International to sell around 57% of the BSE-listed Indian unit. The deal was expected to begin with a 31% stake sale, followed by an open offer as required under SEBI regulations.

If the deal goes through, Whirlpool Corporation will remain a minority shareholder, holding less than a quarter of the company, the report added.

The sale, managed by Goldman Sachs, earlier attracted interest from KKR, TPG, Bain Capital, EQT, Havells, and Reliance Industries. However, after initially leading the race, Bain and EQT dropped out, renewing Advent’s interest. If finalised, it would mark the PE major’s third acquisition in India’s appliances sector since 2015, following its investments in Crompton Greaves’ consumer electricals arm and Eureka Forbes.

Whirlpool of India reported a 20.6% YoY drop in net profit to ₹41 crore for the September 2025 quarter, with revenue slipping 3.8% to ₹1,647 crore. EBITDA fell 33.8% to ₹57.6 crore, and margins narrowed to 3.5% from 5% a year ago.

The company said weaker refrigerator industry growth, aggressive competitive pricing, and promotions weighed on performance, though it continues to push premiumisation, operational efficiency, and cost productivity.