Hindustan Unilever fell 3.51% to Rs 2,339 as the stock adjusted for the demerger of its ice-cream business into Kwality Wall’s (India) Limited (KWIL).  

The record date for the separation is today, 5 December 2025, and HUL shares are now trading ex-ice-cream business. Eligible shareholders will receive one KWIL share for every HUL share held, in line with the 1:1 entitlement ratio. 

The demerger became effective on 1 December 2025 after receiving approval from the National Company Law Tribunal. Under the scheme, HUL transferred all its ice-cream brands, including Kwality Wall's, Cornetto, Magnum, Feast and Creamy Delight, to KWIL. 

The company said the allotment of KWIL shares will be completed on or before 29 December 2025. The listing is expected within the statutory 60-day window from the receipt of the NCLT order. 

The demerger aims to create a dedicated listed ice-cream company in India. It will have a focused management team with more flexibility to run the business. The structure allows the company to pursue strategies suited to the ice-cream segment’s operating model and market dynamics.