ITC Shares Fall 3% As ₹9,437-Crore Block Deal Hits Stock Days After GQG Partners Cuts Its Stake
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ITC shares fell nearly 3% after a ₹9,437-crore block deal involving 36.66 crore shares. The transaction came days after GQG Partners disclosed a reduction in its combined ITC holding to 3.17%.
ITC shares fell nearly 3% on Thursday, 8 October, making the stock the biggest loser on the Nifty 50 as a large block deal worth ₹9,437 crore took place in the company's shares.
The stock has now fallen 29.1% so far in 2026, significantly underperforming the Nifty 50, which is down 13.9% over the same period. ITC's market capitalisation stood at around ₹3.24 lakh crore during the session.
The decline extended ITC's losing streak to three sessions. The block transaction came days after GQG Partners disclosed that it had reduced its holding in the cigarettes-to-hotels conglomerate.
Around 36.66 crore ITC shares, equivalent to about 2.9% of the company's outstanding equity, changed hands in the pre-open block deal window at an average price of ₹257 per share. The buyers and sellers were not immediately identified.
At 10:50 AM, the ITC share price on the National Stock Exchange (NSE) stood at ₹257 apiece, down 3.27%.
GQG Partners Recently Cut ITC Stake
The latest block deal follows a disclosure from GQG Partners earlier this week showing that the investment firm had sold 3.97 crore
ITC shares through multiple market transactions.
The sales took place between 28 May 2025 and 5 October 2026. Following the transactions, GQG Partners and persons acting in concert with it held a combined 3.17% of ITC's voting capital, down from 3.48%.
The biggest reduction came from Goldman Sachs Trust II - Goldman Sachs GQG Partners International Opportunities Fund. Its holding fell to 21.16 crore shares, or 1.69%, from 24.40 crore shares, or 1.95%.
GQG Partners International Equity CIT also reduced its stake to 2.52 crore shares, or 0.20%, from 2.85 crore shares, or 0.23%.
Other entities linked to the investment group, including GQG Partners International Equity Fund and Abu Dhabi Investment Authority - Sabre, also reported smaller reductions.
ITC Shareholding Pattern And Key Institutional Investors
The stake disclosure was made under Regulation 29(2) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. GQG Partners LLC acts as the investment manager for the entities involved.
ITC does not have any promoter shareholding, with its equity held entirely by public shareholders. Among its major institutional investors, the Specified Undertaking of the Unit Trust of India (SUUTI) held 7.78% at the end of the June quarter. Mutual funds collectively held 16.5%, while Life Insurance Corporation of India owned 16.3% as of 30 June.
The latest block deal adds to the selling pressure on ITC shares, which have already seen a sharp decline this year.
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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
Vishwa has spent 10+ years across fintech and FMCG doing what most people miss, connecting the dots, catching trends before they trend, and finding the angle nobody else thought to ask about.
At Kotak Neo, she drives content strategy for neoshorts, Kotak News Desk, and Investing Guide, turning market noise into something worth reading.
When she's not decoding markets, she trades charts for canvases, chasing art, painting, and architecture across cities she's yet to explore.
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