[ad_1]
Shares of ITC are down one other 2.5% on Tuesday, extending losses for the second day working. With right this moment’s drop, the inventory has declined 20% from its peak of ₹499.7, which it hit in July 24 final yr.
Sources instructed CNBC-TV18 that British American Tobacco (BAT), ITC’s largest shareholder is planning to launch its share sale as early as this week.
BAT presently holds a 29% stake in ITC as per its shareholding sample from the December quarter.
“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 BAT launch mentioned.
BAT has been a shareholder in ITC in some or the opposite means for the reason that early 1900s and has been topic to quite a few share capital modifications and regulatory restrictions.
ITC was additionally a part of CNBC-TV18’s Dealing Room Chatter on Monday, the place it was reported that a big block deal is prone to happen within the inventory quickly.
In a notice on February 29, brokerage agency Goldman Sachs wrote that weak near-term earnings and an overhang from the BAT stake sale have been the important thing drivers behind the correction in ITC’s inventory worth.
Goldman Sachs talked about that whereas the cigarette volumes might get well within the March quarter, the paper enterprise might change into a near-term earnings drag, and a possible restoration is probably going solely within the September quarter of economic yr 2025.
Shares of ITC are presently buying and selling 1.8% decrease at ₹401.95. The inventory is buying and selling beneath all of its key shifting averages and is down 14% to date this yr.
[adinserter block=”4″]
[ad_2]
Source link