ITC Share Price Rises 2% After Hitting 52-Week Low; Stock Down Nearly 30% In 2026

ITC shares rebounded around 2% on Friday, October 9, recovering from a 52-week low hit in the previous session after a large stake sale by GQG Partners added to selling pressure on a stock that has fallen nearly 30% so far in 2026.

The stock rose to around ₹259.60 in early trade after closing 4.03% lower at ₹255 on Thursday, its lowest closing level since June 2022. ITC had touched a fresh 52-week low of ₹253.15 during the session, taking the stock nearly 49% below its September 2024 record high of ₹498.95.

Thursday's fall came as GQG Partners Emerging Markets Equity Fund sold 36.5 crore ITC shares, representing a 2.91% stake, for ₹9,395.44 crore at ₹257.35 apiece. Fidelity Advisor Overseas Fund emerged as the biggest disclosed buyer, while ICICI Prudential Mutual Fund, SBI Mutual Fund and Nippon India Mutual Fund were among the other institutions that picked up shares.

The block deal intensified pressure on ITC, but the stock's weakness has been building through 2026 as investors weighed changes in cigarette taxation, subsequent price increases and concerns over the near-term earnings outlook.

ITC Shares Down Nearly 30% In 2026

ITC has lost nearly 30% so far this year, extending a decline from its September 2024 record high as concerns around its core cigarette business weighed on sentiment.

Changes in cigarette taxation earlier this year triggered a sharp correction across tobacco stocks as investors assessed the potential impact of higher taxes on demand, volumes and margins. ITC subsequently raised cigarette prices across several brands, including another round of increases in September.

The company's June-quarter numbers also reflected pressure on its performance. Standalone net revenue declined 14.4% year-on-year to ₹16,812 crore, while EBITDA and net profit fell 27.9% and 27.1%, respectively. Revenue from the cigarette business declined 25%, while segment EBIT fell 35%.

Selling intensified on Thursday as GQG reduced its holding through the ₹9,395-crore block deal. Alliance Witan Plc separately sold 16.11 lakh ITC shares at ₹257.35 apiece, taking the overall value of the transactions to around ₹9,437 crore.

The shares were absorbed by a group of domestic and foreign institutional investors, led by Fidelity Advisor Overseas Fund, which acquired about 13.4 crore shares worth ₹3,448.49 crore. ICICI Prudential Mutual Fund bought around 9.4 crore shares for ₹2,419.37 crore, while SBI Mutual Fund and Nippon India Mutual Fund acquired shares worth around ₹968 crore and ₹696 crore, respectively.

Friday's rebound has recovered only part of the previous session's decline, leaving ITC close to its multi-year lows. The next major trigger for the stock will be its September-quarter earnings, with investors likely to track cigarette volumes, the impact of recent price increases and performance across the company's other businesses.

Also Read - Gold, Silver Imports To Attract 3% IGST As Government Ends Bank Tax Relief; What It Means For Buyers