Rs 9,395 crore block deal! GQG exits ITC shares after a sharp 30% crash this year
ITC witnessed a nearly Rs 9,437 crore block deal as a GQG-linked fund sold 36.51 crore shares, while Fidelity and major Indian mutual funds bought stakes. The transaction comes as ITC shares remain under pressure from taxation concerns and weak volume recovery.
On Thursday, ITC saw a significant block deal with a fund linked to emerging markets selling shares worth around Rs 9,395 crore at Rs 257.35 each. Despite this, other investors, including Fidelity, ICICI Prudential Mutual Fund, and SBI Mutual Fund, as well as foreign investors, purchased ITC shares. The largest buyer was Fidelity Advisor Overseas Fund, acquiring 13.4 crore shares worth about Rs 3,448 crore.
Other big investors included ICICI Prudential Mutual Fund, SBI Mutual Fund, Nippon India Mutual Fund, and various other mutual funds and insurance companies. This transaction occurred amidst declining ITC share prices, which have fallen nearly 30% this year due to concerns over cigarette taxation, slow volume recovery, and reduced investor interest.
Analysts have differing opinions on the near-term prospects for ITC, with some maintaining an "Add" rating and others expressing caution.
Written by urgent.news from The Economic Times - Top News's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
