ITC Shares Dip Amid BAT's Stake Divestment

ITC shares saw a notable decline, dropping over 3%, in the wake of British multinational BAT Plc's strategic decision to pare down its holding by divesting a 2.5% stake. This move was executed through a block deal, amounting to a substantial Rs 12,927 crore or USD 1.51 billion.

The stock witnessed a 3.18% fall, closing at Rs 420.10 on the BSE, with an intraday low of Rs 415.10. On the NSE, shares fell by 2.97%, ending at Rs 421. Consequently, ITC's market valuation decreased sharply by Rs 17,269.48 crore, settling at Rs 5,25,718.17 crore. The stock underperformed within the BSE Sensex firms.

Despite this reduction, BAT will continue to be a significant shareholder in ITC, retaining just under 23% stake. The divestment involved the sale of 31.3 crore equity shares at Rs 413 per share. This development followed BAT's previous ownership of a 25.44% stake in ITC through its affiliates.

(With inputs from agencies.)