ITC shares slide 4% to near 52-week low after ₹9,437-crore block deal
As many as 36.66 crore ITC shares traded in block deal window at an average price of ₹257 per share
ITC shares experienced a 4% decline on Thursday, reaching near a 52-week low of ₹254.65. The stock fell to ₹255.25 on the NSE at 11:26 am, slipping by ₹10.45 or 3.93%. This drop occurred after a massive block deal worth ₹9,437 crore transpired in the pre-open session. Approximately 2.9% of the company's outstanding equity changed hands, totaling 36.66 crore ITC shares traded at an average price of ₹257 per share.
The buyers and sellers’ identities remained undisclosed. Notably, US fund GQG Partners LLC sold 3.97 crore ITC shares, reducing its stake to 3.17% from 3.48% of voting capital. ITC's YTD performance of 29.89% loss contrasts with the Nifty 50’s 14.45% decline. The stock peaked at ₹426.40 on October 31, 2025, indicating a 40% drop from that high.
Total market capitalisation stood at ₹3,19,716 crore, with traded volume of 283.77 lakh shares worth ₹735.05 crore. ITC lacks promoter shareholding, with Specified Undertaking of UTI holding 7.78%, LIC and domestic mutual funds holding 16.3% and 16.5%, respectively. Headwinds persist in ITC's core cigarettes business due to a 40% GST on tobacco products.
Prices were increased, with Classic Connect 20-pack now at ₹428 and Gold Flake Super Star 10-pack at ₹89. Nomura warned that higher prices might reduce volumes despite offsetting tax impacts. The stock trades at a P/E multiple of 16.50 times.
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