February 18, 2024
ITC Share Price Drops Over 4% as BAT Plans Stake Monetization
Finance Stock Markets

ITC Share Price Drops Over 4% as BAT Plans Stake Monetization

ITC Share Price Drops Over 4% as BAT Plans Stake Monetization/Reuters

ITC Share Price Drops Over 4% as BAT Plans Stake Monetization

ITC’s share price experienced a decline of over 4% on Thursday as British American Tobacco (BAT), its largest shareholder, revealed plans to monetize some of its stake in the conglomerate.

The share price dropped to ₹411.85 apiece on the BSE. BAT’s shareholding in ITC had decreased to 29.02% in 2023 from 29.19% in 2022.

The company stated that it has been actively working to complete the regulatory process, providing flexibility for stake monetization.

BAT emphasized the significant shareholding in ITC and the opportunity to release and reallocate capital. ITC had reported a 6% YoY increase in consolidated net profit for Q3FY24, reaching ₹5,335 crore.

Note: Values mentioned in the article are as per the time of reporting (1:40 pm).

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