** Hindustan Unilever HLL.NS falls 2.4% to 2,365 rupees

** Stock adjusts for demerger of ice cream business

** Shareholders of consumer staples major get one share of demerged ice cream business unit Kwality Wall's (India)

** ICICI securities says ice cream business contributes ~3% to co's revenues and insignificantly to bottomline

** Adds that ice cream business likely valued at 95 billion rupees ($1.06 billion)-119 billion rupees; value per share is 40-50 rupees

($1 = 89.8560 Indian rupees)

(Reporting by Vivek Kumar M)

((VivekKumar.M@thomsonreuters.com;))