Eveready Industries share price hits lower circuit of 5% amid report Duracell set to buy battery, flashlight business

Eveready Industries share price fell in early trade today after a report said Warren Buffett's Berkshire Hathaway-owned Duracell Inc is set to buy the BM Khaitan's firm's battery and flashlight business in a slump sale for Rs 1,600-1,700 crore.

Eveready Industries share price hit lower circuit of 5% to Rs 70.50 compared to the previous close of Rs 74.20 on BSE in early trade.

The share of battery maker opened with a gain of 2.76% at Rs 77.90 but fell into the red after five minutes of trade.

At 12:24 pm, the stock was trading 2.16% lower at Rs 72.60 on BSE. The microcap stock has been losing for the last 2 days and has fallen 5.38% returns in the period.

The stock has plunged 71.33% during last one year and fallen 61.37% since the beginning of this year.

The deal with Warren Buffet's firm Duracell includes manufacturing plants, distribution networks and the brand name, The Economic Times said in a report.

Eveready Industries India is engaged in the business of marketing of fast moving consumer goods (FMCG), such as dry cell batteries, rechargeable batteries, flashlights, packet tea and general lighting products. The company also distributes a range of electrical products.