Siemens dips 10% after board okays sale of low voltage-geared motors biz

Shares of Siemens slipped 10 per cent to Rs 3,338 on the BSE in Monday’s intra-day trade on the back of heavy volume after the company’s board on Friday approved the sale of low voltage motors and geared motors businesses to Siemens AG subsidiary — Siemens Large Drives India — for Rs 2,200 crore.

Despite today’s sharp decline, thus far in the calendar year 2023, Siemens has outperformed the market by surging 20 per cent. In comparison, the S&P BSE Sensex was up 1.2 per cent during the period. In past one year, the stock has rallied 43 per cent, as against 14 per cent rise in the benchmark index. It had hit a record high of Rs 3,940 on May 12, 2023.