ITC shares fell nearly 3 percent on Thursday, October 8, extending their losses for the third consecutive session, after a large block deal involving a sale worth Rs 9,437 crore took place in the company's shares. The transaction comes days after GQG Partners disclosed a reduction in its shareholding in the cigarettes-to-hotels conglomerate.
As many as 36.66 crore ITC shares, representing approximately 2.9 percent of the company's outstanding equity, changed hands in the pre-open block deal window at an average price of Rs 257 apiece. The identities of the buyers and sellers were not immediately known.
ITC stock was trading at around Rs 258 in morning trade, down 2.9 percent, and was the top Nifty loser. The stock has declined 29.1 percent so far in 2026, significantly underperforming the Nifty 50, which has fallen 13.9 percent during the same period. The company's market capitalisation stood at approximately Rs 3.24 lakh crore.
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The latest block deal follows a disclosure earlier this week that GQG Partners LLC had sold 3.97 crore ITC shares through multiple on-market transactions between May 28, 2025, and October 5, 2026. Following these transactions, the combined shareholding of GQG Partners and its persons acting in concert (PACs) declined to 3.17 percent from 3.48 percent of ITC's total voting capital.