Kwality Wall's India Share Price Slips 22% After NSE Listing: What It Means for HUL Shareholders Post Demerger

Kwality Wall's India made its stock market debut on the National Stock Exchange (NSE) on February 16, opening at Rs 29.80 per share, significantly below market expectations. The listing price reflected a 25.87 percent discount to the indicative value of Rs 40.20 per share, indicating a subdued start for the newly demerged entity.

At the opening price, the company was valued at a market capitalisation of Rs 7,001.78 crore.

Kwality Wall's Share Price After Listing on NSE

Kwality Wall's (India) is trading at Rs 31.24 as of 11:53 am on February 16, 2026. The stock has gained Rs 1.44, or 4.83 percent, compared to its opening price of Rs 29.80.

However, it remains below its previous close of Rs 40.20, reflecting a decline of Rs 8.96 or 22.29 percent with respect to the issue price. During the trading session so far, the stock has touched an intraday high of Rs 31.29 and a low of Rs 28.31.

Hindustan Unilever Demerger

The listing follows the successful demerger of Hindustan Unilever Limited's (HUL) ice cream business into a standalone company, Kwality Wall's India. The separation process, which had been in progress for several months, was part of HUL's broader strategic restructuring plan.

HUL's ice cream vertical contributes around 3 percent to its annual turnover, generating approximately Rs 1,800 crore in revenue. The business houses well-known frozen dessert brands such as Kwality Wall's, Cornetto and Magnum, which are now operated under the newly listed entity.

How It Will HUL Shareholders: Check Entitlement

HUL's share price had already adjusted for the demerger on December 5. The entitlement ratio for the transaction was fixed at 1:1, meaning every registered HUL shareholder received one share of Kwality Wall's India for each HUL share held.

The record date for determining shareholder eligibility was December 5, while the allotment of Kwality Wall's India shares took place on December 29.

HUL's board approved the ice cream demerger in November 2024. The scheme later received approval from the National Company Law Tribunal (NCLT) on October 30, clearing the way for the listing.

Prior to the market debut, the NSE had announced on November 28 that Kwality Wall's India would be included in the Nifty 50 index effective December 5.

On December 5, the NSE conducted a special pre-open session for Hindustan Unilever ahead of the formal separation of the ice cream division. As part of the index rebalancing process, the exchange temporarily included the demerged stock in 35 Nifty indices at a notional price of zero to ensure a smooth transition during the restructuring phase.