ITC shares dropped by 20% from its peak

Published : 12 March 2024

For the second day in a row, ITC's shares are down an additional 2.5 percent on Tuesday. With today's loss, the stock is now down 20% from its July 24th, 2018, top of ₹499.7. 

ITC shares dropped by 20% from its peak

The biggest stakeholder in ITC, British American Tobacco (BAT), intends to start selling shares as soon as this week. According to their ownership pattern from the December quarter, BAT presently has a 29% interest in ITC.

BAT to sell the shares this week

BAT's statement

"We have been actively working for some time on completing the regulatory process required to give us the flexibility to monetise some of our shareholding and will update you at the earliest opportunity," the announcement from BAT stated. 

BAT has been a shareholder in ITC in some form or another since the early 1900s, and its share capital has changed multiple times due to legislative limitations.

One of the oldest shareholder

BAT has enlisted Wall Street giants like Citigroup and Bank of America to sell shares worth around $2.5 billion in a block sale.

BAT to sell shares via block deal

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