ITC Shares Slide as BAT Plc Cuts Stake by $1.36 Billion
ITC's stock fell nearly 5% following British American Tobacco's decision to sell a 2.3% stake via a block deal worth Rs 11,613 crore ($1.36 billion). BAT's move to shed shares kept ITC as a major laggard in the market, causing a downturn in both BSE and NSE indices.
- Country:
- India
Shares of ITC crashed by almost 5% after British multinational BAT Plc reduced its stake in the Indian conglomerate by 2.3% through an extensive block deal valued at Rs 11,613 crore (approximately USD 1.36 billion).
On the Bombay Stock Exchange, ITC's stock plunged 4.33% to Rs 415.10, while the National Stock Exchange saw it tumble 4.81% to Rs 413, marking it as the biggest decliner among BSE Sensex constituents.
The move by British American Tobacco (BAT) is viewed as a strategic reduction that kept the stock suppressed. Despite owning a 25.44% stake before the transaction through its affiliates, BAT's divestment indicates significant portfolio recalibration, impacting ITC's share performance and broader market metrics.
(With inputs from agencies.)
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