ITC shares slips 6% on reports of govt offloading entire stake in the company
Published On: Wednesday, May 6, 2020 | By: Team KnowMyStock
Share price FMCG major ITC plunged 6 per cent intraday on May 6 after media report stated that the centre is reportedly looking to raise Rs 22,000 crore by selling its stake in ITC. The stock of cigarette manufacturer has slipped 12 per cent in the past three trading days. Shares of the company quoted a 52-week high of Rs 309.85 and a 52-week low of Rs 134.95. Around 1464764 shares changed hands on the counter. The government is hoping to complete the transaction by the end of this week or early next week. The government held stakes through Specified Undertaking of the Unit Trust of India (SUUTI), which owns 7.94 per cent in ITC,4.69 per cent in Axis Bank, as on March 31, 2020. The report adds that mutual fund (MF) houses and the Life Insurance Corporation of India (LIC) are also expected to participate.“The proposed transaction is expected at a marginal discount of 2-3 per cent to underlying trading price on the transaction date.
Tags: ITC
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