ITC surges 9% in best single-day rally since April 2020 on BAT's stake sale

ITC's stock reported its sharpest intra-day rally since April 3, 2020 when it had surged nearly 10 per cent

Shares of ITC surged nearly 9 per cent on BSE to Rs 439 in Wednesday’s intra-day trade after over 3 per cent of its total equity changed hands on the exchange in multiple block deals likely sold by British American Tobacco Plc (BAT). 

The stock reported its sharpest intra-day rally since April 3, 2020 when it had surged nearly 10 per cent, data shows. ITC’s market capitalisation has grown by Rs 43,373 crore to Rs 5.48 trillion in intra-day trade today.

At 09:35 am; ITC was trading 6 per cent higher at Rs 428.50 as compared to 0.12 per cent rise in the S&P BSE Sensex.

 

As many as 438.8 million equity shares representing 3.5 per cent of total equity of the company changed hands on the BSE, the exchange data shows.

The names of the buyers are not ascertained immediately. BAT on Tuesday said that it would sell up to 3.5 per cent of its holding in the Indian partner today morning.

The stake is equal to 436.9 million shares of the total 12.476 billion outstanding shares of the cigarettes-to-hotels major ITC, the Business Standard reported. CLICK HERE FOR FULL REPORT

At the end of December 2023 quarter, BAT held 29.03 per stake in ITC through Tobacco Manufacturers (India) Limited, Myddleton Investment, and Rothmans International, shareholding pattern data shows.

On Tuesday, the stock of ITC, the biggest cigarettes & second largest fast moving consumer goods (FMCG) company, had hit Rs 399.30, its lowest level since April 21, 2023.

The stock had corrected 20 per cent from its record high level of Rs 499.60 hit on July 24, 2023.