India's ITC drops as BAT to sell stake worth $1.4 billion at discount

ReutersMay 28, 2025 3:54 AM

India's ITC ITC.NS sheds 3.5% to 418.90 rupees

Stock is top loser in the Nifty 50 .NSEI and FMCG indexes .NIFTYFMCG

British American Tobacco BATS.L to sell a 2.3% stake in ITC via block deal worth $1.4 billion

BAT will remain ITC's biggest investor post stake sale, with a 23.1% stake in the Indian conglomerate

Stake sale at floor price of 400 rupees per share, a 7.8% discount to ITC's closing price on Monday

Deal is second major block trade this week after IndiGo INGL.NS co-founder Rakesh Gangwal's 5.7% stake sale in the low-cost carrier

ITC extends YTD losses to 8.4% vs FMCG index's 1.6% decline

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