GQG Partners Sells 2.9% ITC Stake For ₹9,395 Crore; Fidelity, ICICI Prudential MF Among Buyers
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A large block of ITC shares changed hands on October 8 as GQG Partners pared its holding, with Fidelity emerging as the biggest disclosed buyer alongside several domestic mutual funds.
ITC shares will be in focus on Friday, October 9, after GQG Partners sold a 2.91% stake in the cigarettes-to-hotels major for ₹9,395.44 crore through block deals, with Fidelity, ICICI Prudential Mutual Fund and SBI Mutual Fund among the major buyers.
GQG Partners Emerging Markets Equity Fund sold 36.5 crore ITC shares at ₹257.35 apiece, exchange data showed. Fidelity Advisor Overseas Fund emerged as the biggest disclosed buyer, acquiring 13.4 crore shares worth ₹3,448.49 crore, while ICICI Prudential Mutual Fund bought 9.4 crore shares for ₹2,419.37 crore. SBI Mutual Fund picked up another 3.76 crore shares worth ₹967.74 crore.
The deal put ITC under heavy selling pressure on Thursday, with the stock closing 4.03% lower at ₹255, its lowest closing level since June 2022. The shares have fallen nearly 30% so far in 2026, leaving the stock in focus when trading resumes on Friday.
Nippon India Mutual Fund was another major buyer, acquiring 2.7 crore shares for ₹696.06 crore. Alliance Witan Plc separately sold 16.11 lakh ITC shares for ₹41.46 crore at ₹257.35 apiece, taking the combined value of the block transactions to around ₹9,437 crore.
GQG Partners ITC Stake Sale
The transaction saw a large block of ITC shares move from the GQG-linked fund to a mix of domestic mutual funds and overseas institutional investors.
At the end of the June quarter, GQG Partners Emerging Markets Equity Fund held a 1.06% stake in ITC. Another GQG-linked vehicle, Goldman Sachs Trust II – Goldman Sachs GQG Partners International Opportunities Fund, held 2.06%.
Apart from Fidelity, ICICI Prudential Mutual Fund, SBI Mutual Fund and Nippon India Mutual Fund, the list of buyers included Mirae Asset Mutual Fund, Kotak Mahindra Asset Management, Aditya Birla Sun Life Asset Management and Edelweiss Mutual Fund.
ICICI Prudential Life Insurance and Bajaj Life Insurance also bought shares, while overseas institutional buyers included Citigroup Global Markets Singapore, Morgan Stanley Asia Singapore, BNP Paribas Arbitrage and Ghisallo Master Fund.
ITC Share Price In Focus
ITC shares ended Thursday at ₹255, down 4.03%, after falling to ₹254.10 during the session as the block transaction drove heavy volumes in the stock.
The decline took ITC to its lowest closing level since June 2022. The stock has lost nearly 30% so far in 2026 and is around 49% below its record high of ₹498.95 touched in September 2024.
The ₹9,395-crore GQG stake sale and the entry of several large domestic and overseas institutional investors will keep ITC shares in focus on Friday.
Also Read - Stock Market Update 9 October 2026: Sensex Gains Over 200 Pts; Nifty 50 Above 22,300 After Market Opening
This article is for informational purposes only and should not be considered investment advice from Kotak Neo. For compliance T&C and disclaimers, Visit www.kotakneo.com/disclaimer
Rochelle Britto has spent 8+ years decoding India's markets, businesses, and consumer economy, reporting for ET Prime and Times Internet along the way, covering the stories behind the numbers.
A Mumbai native and perpetual planner of the next holiday, she stays far, far away from the eternal question, “Where are we going next?” When she's not chasing headlines, she's chasing new cultures, open roads, and a bit of quiet in nature.
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