ITC fell 6.35% to Rs 162.85 while Axis Bank decline 1.46% to Rs 383.50 after the media reported that the government is looking to raise Rs 22,000 crore by selling its stake in ITC and Axis Bank.
As on 31 March 2020, the Government of India held 7.94% stake in ITC and 4.69% stake in Axis Bank through Specified Undertaking of the Unit Trust of India (SUUTI). SUUTI has minority stakes in 51 listed and unlisted companies, with most of its value locked in Axis Bank, ITC and Larsen & Toubro.
According to reports, the government is expected to "exit completely" from ITC and Axis Bank and it is looking to complete the transaction by the end of the first or second week of May.
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