Havells India shares, which opened Tuesday's session up more than Rs 4 on the BSE following the company's acquisition of a LED and solar lighting firm, declined 1 per cent to trade at Rs 290.15 at 11.11 am. The share had closed Monday's session at Rs 291.15.
On the NSE it was trading at Rs 290.30, down 0.21 per cent on its previous close at Rs 290.60. However, it opened the session on a positive note at Rs 295.40.
The declining trend is in contrast to analysts' expectations for the share to strengthen on the company's purchase of a majority stake in Promptec Renewable Energy Solutions.
With the acquisition the company has entered into the lighting project business currently dominated by Philips and Bajaj Electricals, analysts said.
Promptec's revenues are likely to grow to Rs 250 crore from Rs 35 crore in the next 3-4 years, said Havells Chairman Anil Rai Gupta.
Havells plans to take its share in LED lighting to over 40-50 per cent of its total lighting sales post-deal.