Shares of ITC Ltd closed down 2.33 per cent to Rs 812.60 with heavy selling from institutional investors who were booking profits in the counter.
The scrip opened at Rs 840 and went to a low of Rs 804 in intra-day deals. Volumes in the counter were of the order of 1.69 lakh shares on the BSE and 4.15 lakh shares on the NSE.
The scrip has been losing ground since the past three days owing to institutional selling. Life Insurance Corporation (LIC) is reported to be a major seller in the counter.
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Between July and September, 2003 the scrip had appreciated by around 20 per cent.
The company also recently acquired a 4.8 per cent stake in VST Industries at Rs 215 a share.
The company is expected to report good revenue from its recent diversification into ventures such as lifestyle products and food apart from its existing hotels business.