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MARKET EYE-Honeywell India shares fall after parent to cut stake
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* Shares in Honeywell Automation India shares slump 19.5 percent after saying Honeywell Asia Pacific plans to cut its stake in the domestic unit. * Honeywell Asia Pacific plans to sell shares in its Indian unit to meet market regulator requirements mandating listed companies must have at least 25 percent public shareholding by next year. * Honeywell Asia Pacific owns 81.24 percent stake in Honeywell Automation, and would thus need to cut its stake to 75 percent. * Traders had speculated Honeywell Asia Pacific, itself a unit of Honeywell International Inc, would prefer to delist the Indian company. * The decision to reduce the stake was instead seen as Honeywell's plan to keep the Indian listing, traders say. (manoj.dharra@thomsonreuters.com)
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