ITC lost 4.61% to Rs 304.10 at 14:51 IST on BSE, with the stock extending yesterday's fall triggered by reports of Maharashtra government's decision to ban sale of loose cigarettes.
Meanwhile, the BSE Sensex was down 402.87 points, or 1.48%, to 26,776.64
On BSE, so far 19.35 lakh shares were traded in the counter, compared with an average volume of 7.35 lakh shares in the past one quarter.
The stock hit a 52-week low of Rs 301 in intraday trade today, 3 June 2015. The stock hit a high of Rs 314.40 so far during the day. The stock hit a record high of Rs 409.70 on 28 February 2015.
India's largest cigarettes maker by sales has an equity capital of Rs 801.55 crore. Face value per share is Re 1.
Shares of index heavyweight and cigarette major ITC dropped 8.4% in two trading days from a recent high of Rs 332 on 1 June 2015 triggered by reports of Maharashtra government's decision to ban sale of loose cigarettes. The government has also banned chewing tobacco in public places, say reports. The public notification on the same is expected to be issued in couple of days.
Also Read
According to reports, the decision is unlikely to have major impact on ITC's stock price as implementation of restriction on sale of loose cigarettes will be difficult for the authorities. Cigarette makers may reportedly introduce smaller pack sizes to cushion impact of policy change. About 70% of sales from cigarette business for ITC come from lose cigarettes.
Meanwhile, the ITC stock turned ex-dividend today, 3 June 2015, for dividend of Rs 6.25 per share for the year ended 31 March 2015. Before turning ex-dividend, the ITC stock offered a dividend yield of 1.95% based on the closing price of Rs 318.90 yesterday, 2 June 2015.
ITC's net profit rose 3.7% to Rs 2361.18 crore on 1.7% increase in total income to Rs 9663.15 crore in Q4 March 2015 over Q4 March 2014.
ITC has a diversified presence in cigarettes, hotels, paperboards & specialty papers, packaging, agri-business, packaged foods & confectionery, information technology, branded apparel, personal care, stationery and other FMCG products. ITC is a market leader in cigarettes.
Powered by Capital Market - Live News