Nestle, Bharti Airtel, Bajaj Finserv, ICICI Bank and Maruti were the other big laggards

FMCG major Hindustan Unilever on Thursday reported a decline of 3.93 per cent in consolidated profit to Rs 1,512 crore for the fourth quarter, impacted by the coronavirus crisis from mid-March.

The 5.7% stake in Hindustan Unilever that is now on the market, was accepted by GSK as payment for the sale of the malted drink brand and other nutrition brands to Unilever, agreed in late 2018.

Unilever had expected demand to pick up across its markets in H2 of 2020 with a growth of 3%. The company had lowered its guidance for 2020 in December 2019 and now its long-term guidance band for the current year too stands suspended.

Indian stocks slid on Thursday, with declines led by banks and Hindustan Unilever, as coronavirus cases in the country crossed 50,000 despite a strict weeks-long lockdown.

GSK has agreed to sell its entire stake in Unilever's Indian business for about 254.8 billion rupees ($3.35 billion) on the open market, cashing in late from the sale of the Horlicks brand.

According to the term sheet, an over 133 million shares - 5.7 per cent of the total equity shares - are being offered in the range of Rs 1,850-1,950 to investors through a special block window.

GlaxoSmithKline is selling $3.45 billion worth of shares in Unilever's Indian business on the open market, one of the bookrunners organising the transaction said. The 5.7% stake in Hindustan Unilever, now put on the market, was accepted by GSK as payment for the sale of malted drink brand Horlicks and other nutrition brands to Unilever, agreed in late 2018.