Sold Whirlpool stake over high valuation, says promoter; shares dip

Whirlpool Corporation CEO Marc Bitzer clarified that his firm sold a 24% stake in Whirlpool India due to its high valuation. Following Bitzer's comment, Whirlpool India shares fell 6% to hit 52-week low of ₹1,186.85 before paring gains. "If we have a business trading at 50x multiple, and your...company trades a lot lower, it's basically an asset arbitrage," Bitzer said.