Panasonic to stop selling washing machines and refrigerators in India; Whirlpool and Voltas stocks rise

The shares of Whirlpool and Voltas saw significant gains on June 26 following reports of Panasonic exiting loss-making categories like refrigerators and washing machines in India. Panasonic is downsizing its consumer electronics business in India and shutting down production for these products at its factory in Haryana's Jhajjar. The company will focus on growth segments such as home automation, AC, B2B solutions, electricals, and energy solutions. Layoffs are expected as part of the restructuring, with the company continuing operations in televisions, air-conditioners, and other segments in India. The exit of Panasonic is likely to benefit other players in the market by boosting their market share.

Whirlpool shares rose over 5 percent while Voltas shares increased by over 2 percent initially. However, both companies saw a slight decline in gains later in the day. Whirlpool shares were trading over 2 percent higher, and Voltas shares were trading with marginal gains by mid-morning.

According to the source: Moneycontrol.