HUL slides nearly 3 pc amid worries over royalty payments
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Shares of Hindustan Unilever today fell by nearly 3 per cent amid reports that Unilever's Indonesian subsidiary has agreed to pay a higher royalty payment to Unilever Plc.
Unilever controls over 52 per cent stake in Hindustan Unilever Limited (HUL), a leading consumer goods company in the country.
The FMCG major's scrip settled for the day 2.65 per cent lower at Rs 529.90 on the BSE. At NSE, the stock ended at Rs 28.75, down 2.96 per cent from its previous close.
The scrip was the top loser among the 30-Sensex blue chips.
"Concerns that HUL may face higher royalty payment to Unilever PLC, created over 2 per cent decline in the stock price today," Milan Bavishi, Head Research, Inventure Growth & Securities said.
As per media reports, Unilever's Indonesian subsidiary has agreed to pay a higher royalty payment to Unilever Plc.