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ITC share price today: ITC shares, which hit a high of Rs 481.40 on January 4 was trading at Rs 421 in the current session. In comparison, benchmark Sensex has gained 2.82% during the period.
British American Tobacco, the largest ITC shareholder, sold 43.7 crore shares, accounting for 3.5 percent stake, in the company at Rs 400 apiece.
The stake sale could lead to a re-rating of ITC's stock, per experts and the increase in free float will cause an upward adjustment in the weights on the index.
BAT is keen to trim stake in ITC, but regulatory challenges could lead to the process taking time.
ITC shares, which stood at Rs 213.95 on February 25, 2022 ended at Rs 473.95 on January 5 this year, more than doubling investor wealth during the period.