Hindustan Unilever (HUL) will trade without the ice cream business today. Both the BSE and the National Stock Exchange will conduct a special pre-open session for HUL shares.
Once the price discovery is completed on the record date (December 5), exchanges will introduce new F&O contracts of HUL in line with the revised corporate structure.
The company hived off its ice cream business to Kwality Wall’s India Ltd (KWIL) effective December 1. Shareholders holding HUL shares as of the record date will be entitled to receive equity shares of the demerged entity. As per the T+1 settlement cycle, today is the last day to buy HUL shares to be eligible for receiving shares of the demerged entity.
Nifty 50 and Sensex will follow their standard process by adding the spun-off company, Kwality Wall’s India, as a dummy stock at zero price alongside Hindustan Unilever. As part of the index adjustment, the demerged entity will be temporarily added to 35 Nifty indices at zero price, using a provisional ticker ‘DUMMYHDLVR’.
The price of this dummy stock will show the difference between HUL’s closing price on the previous day and the price discovered during the special pre-open session. If the discovered price is equal to or higher than the previous close, the dummy stock will stay at zero. It will remain at this level until Kwality Wall’s officially lists on the exchanges.
Published on December 5, 2025
