The Aditya Birla Group has categorically denied being among the bidders in a race to acquire a majority stake in Crompton Greaves Consumer Electricals Limited, CNBC-TV18 reported on May 15, walking back a key element of the channel’s earlier report that had sent Crompton’s shares surging 6.75% to ₹308.45 in the afternoon session.
In a statement to CNBC-TV18, the Aditya Birla Group said that the information referenced in the query — specifically, that the group is among parties in contention to acquire a majority stake in Crompton Consumer — is inaccurate, and categorically denied the report.
The denial came within a short window of the original CNBC-TV18 report, which had cited sources to indicate that the Aditya Birla Group was among multiple parties evaluating a controlling stake purchase in Crompton. That report had triggered an immediate spike in Crompton’s stock from approximately ₹296-300 to an intraday high of ₹307.95 before settling at ₹308.45 — a 6.75% gain from the previous close of ₹288.95.
The Aditya Birla Group’s denial does not address whether a broader M&A process involving Crompton’s promoter shareholders — private equity firms Advent International and Temasek — is underway with other parties. CNBC-TV18’s original report had referenced multiple parties in the race, of which the Aditya Birla Group was identified as one. The group’s categorical denial removes its name from that process but does not confirm or deny the existence of a broader transaction.
Crompton’s stock reaction to the denial — and the revised information investors should now factor in — is being closely watched in the closing session. This story is developing. Business Upturn will update as further information becomes available.
Disclaimer: This article is for informational purposes only and does not constitute investment advice. Please consult a SEBI-registered financial advisor before making investment decisions.