ITC Shares Fall 4% Following Stake Sale By GQG Partners
· Business · LiveMint, Economic Times
ITC shares dropped 4% on Thursday, opening at ₹264 and hitting an intraday low of ₹254.70 on the NSE. The decline followed a pre-market block deal in which FPI GQG Partners sold a stake in the company worth approximately ₹9,500 crore. Market experts attribute the fall to this large-scale sell-off rather than any fundamental issues with the company. Analysts expect a potential trend reversal, noting that the stock has strong support at ₹246 and could reach ₹275 in the near term.
Why it matters
The sell-off impacts existing shareholders, though analysts suggest the company's fundamentals remain strong and expect a recovery driven by anticipated positive Q2FY27 results.
Read the original report — LiveMint
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