Shares of Videocon Industries erased their initial gains and ended the session down by nearly 4 per cent.
Earlier in the day, the stock jumped 5 per cent as the company plans to sell its home appliances business Kenstar to Everstone Group . The duo will work together on the details of the transaction and close the deal in the “near future”.
The Kenstar team will continue to operate as an independent company controlled by Everstone.
The stock jumped 5 per cent to hit an intraday high of Rs 16.80 on the BSE. The scrip however retreated later closed the session down by 3.75 per cent at Rs 15.40. It touched an intraday low of Rs 15.30 during Tuesday's trade.