GQG Partners, founded and led by Rajiv Jain, has pared 2.91 percent equity stake in ITC, the cigarette-hotel-to-FMCG major, for nearly Rs 9,400 crore via open market transactions on October 8.
In terms of stock reaction, ITC was one of the top three losers in the Nifty 50 on Thursday, falling 4.03 percent to end at Rs 255, the lowest closing level since June 27, 2022, accompanied by high volumes.
In fact, the stock has been making lower high-lower low formation since September 2024, indicating strong bearish signal. It shed nearly 49 percent from its all-time high of Rs 498.95 on September 27, 2024.
As per the block deals data on the BSE, GQG Partners Emerging Markets Equity Fund A Series of GQG Partners Series LLC has sold 36.5 crore equity share in the FMCG major for Rs 9,395.44 crore. In addition, Alliance Witan Plc also offloaded 16.11 lakh shares in the company for Rs 41.46 crore.
The 2.92 percent stake exchanged by GQG Partners, and Alliance Witan with 14 global and domestic institutional investors at a price of Rs 257.35 per share.