HUL Stock Edges Higher Before Kwality Wall’s Spin-Off; Exchanges to Conduct Special Session on December 5

December 4, 2025: Hindustan Unilever shares stayed in the limelight on Thursday as the company finalised the key record date of the demerger of its ice cream segment (Kwality Walls). Today was the last day to qualify for 1:1 allotment of Kwality Walls share. The HUL share closed at ₹2464.10 (0.66% higher from the previous day’s closing price). 

Timeline And Entitlement of Demergers

Effective December 1, 2025, HUL’s ice-cream business, including Kwality Wall’s, Cornetto, Magnum, Feast and Creamy Delight, was demerged into a new entity, Kwality Wall’s India Ltd (KWIL). Shareholders holding HUL shares on the December 5 record date will receive KWIL shares in a 1:1 ratio. Due to the T+1 cycle, December 4 is the last day to buy HUL shares to qualify. The allotment of KWIL shares is scheduled for December 29, while the listing date is yet to be announced. SEBI rules allow KWIL up to 60 days post-NCLT approval to complete its listing.

Pricing Adjustment of HUL Stock and Special Session

The BSE and NSE will conduct a special pre-open session to determine the adjusted valuation of Hindustan Unilever Limited (HUL) following the demerger of its ice cream business. This price discovery process will help establish the company’s revised market value post-demerger. All existing HUL F&O contracts expired on December 4, and new derivative contracts will commence based on the adjusted stock price once the pre-open session concludes.

Effect On Nifty and Sensex Indices

As per index methodology, the spun-off company will be provisionally added as a dummy stock with the ticker DUMMYHDLVR and zero weighting in indices such as the Nifty 50. The value of this dummy stock will reflect HUL’s closing price from the last trading session and the adjusted price determined in the pre-open session. This provisional listing will remain in place until KWIL goes public. The NSE will remove the dummy stock after the third trading day, provided it does not hit upper or lower circuit limits, while the BSE will consider lower circuit movements before removal.

Market Response Before the Record Date

The Hindustan Unilever share price showed modest movement ahead of the critical record date. On 4 December 2025, the stock closed at ₹2,464.10 on the BSE, rising 0.66% as investors factored in the company’s ongoing corporate restructuring and impending price adjustment mechanisms

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