ABB India shares hiked around 5% Intraday on 9th July after the company has finalized to sell its business of solar inverter to an Italian company.

The Indian Subsidiary of the Switzerland-headquartered company said, “The board of directors has finally granted in-principle approval for selling company’s business to FIMER – an Italian company”.

The management of the company is ready to take all the necessary steps including the meeting and appointments of valuers & advisors.

The company said, “The decision of the board is in line with the ABB Group’s next strategy of continuing portfolio management to fortify competitiveness and focus on revenues & higher growth”.

At July 9, 2019, the price of the stock was quoting INR 219.80 up 3.20%  on NSE.