The firm’s share price fell on Thursday after a block transaction involving roughly 36.66 crore shares was disclosed to the market. Valued at about Rs 9,437 crore, the deal was executed at an average price of Rs 257 per share. The block, disclosed on Thursday, October 8, put ITC’s share price under pressure.
When trading began, the stock opened at Rs 264.15, down 0.43% from the prior close. During the session the price slipped further, reaching a low of Rs 260.35 on the BSE before stabilising near Rs 258.45, down 2.73% at the time of writing.
The block trade accounted for about 2.9% of the firm’s total equity. Neither the purchaser nor the seller was identified at the time of reporting, and the company noted that it holds no promoter stakes; consequently, all equity remains in the hands of public investors. Foreign holders include Goldman Sachs Trust II (Goldman Sachs GQG Partners International Opportunities Fund) with 2.06% and GQG Partners Emerging Markets Equity Fund with about 1.06%.
Institutional holdings remain sizable. At the close of the June quarter, Specified Undertaking of the Unit Trust of India (SUUTI) held a 7.78% stake, mutual funds together held around 16.5%, and Life Insurance Corporation of India (LIC) held approximately 16.3% of the equity.
In addition, more than 40 lakh individual shareholders, each holding a stake of up to Rs 2 lakh, collectively own about 12.5% of the stock. This broad base of small investors shows the widespread public interest in the firm’s performance.
Separately, the firm’s cigarette prices have risen after the government implemented a 40% GST rate and introduced a new excise-duty regime effective February 1. Companies responded by applying several price hikes to offset the higher tax burden, leading to a noticeable increase in retail prices for consumers.
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