{
  "id": 12804114,
  "title": "ITC shares slide 4% to near 52-week low after ₹9,437-crore block deal",
  "url": "https://urgent.news/2026/10/08/itc-shares-slide-4-to-near-52-week-low-after-9-437-crore-block-deal",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-10-08T06:14:27.000Z",
  "source": {
    "name": "Hindu BusinessLine",
    "slug": "hindu-businessline",
    "url": "https://www.thehindubusinessline.com/markets/stock-markets/itc-shares-slide-4-to-near-52-week-low-after-9437-crore-block-deal/article71558584.ece"
  },
  "original_language": "en",
  "account": "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.",
  "summary": "As many as 36.66 crore ITC shares traded in block deal window at an average price of ₹257 per share",
  "key_points": [
    "ITC shares dropped 4% to near 52-week low of ₹254.65",
    "₹9,437-crore block deal executed, 36.66 crore shares traded",
    "GQG Partners LLC reduced stake by selling 3.97 crore shares"
  ],
  "editors_take": "ITC's sharp stock decline signals growing investor unease, particularly as headwinds persist in its core cigarettes business amid high GST and potential volume reductions despite price hikes.",
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}