ITC shares down 4%; m-cap tanks Rs 8,656 cr post Q4 earnings

Shares of diversified group ITC today ended nearly 4 per cent lower, wiping-out Rs 8,656 crore from its market valuation, after the company's March quarter earnings were below street expectations.
The scrip fell by 3.29 per cent to settle at Rs 317.65 on the BSE. During the day, it lost 3.4 per cent to Rs 317.25.
On NSE, it went down by 3.75 per cent to close at Rs 316.80.
In the process, the company's market value plunged by Rs 8,656 crore to Rs 2,54,612.98 crore.
In terms of volumes, 6.43 lakh shares of the company changed hands on BSE and over one crore shares were traded on NSE.

"ITC's Q4 FY 2015 revenue came marginally below our estimates," Edelweiss Financial Services said in a report.

ITC on Friday reported a modest 3.65 per cent increase in standalone net profit at Rs 2,361.18 crore for the fourth quarter ended March 31, 2015 owing to muted growth in cigarette business and decline in agri segment revenue.
The Kolkata-headquartered firm had posted a net profit of Rs 2,278.01 crore in the January-March quarter of 2013-14.
Net sales rose marginally by 0.47 per cent to Rs 9,188.25 crore in the quarter under review from Rs 9,145.14 crore in the year-ago period, ITC had said in a BSE filing.

Revenue from the total FMCG business including cigarettes increased by 6 per cent to Rs 6,777.21 crore, from Rs 6,393.29 crore in the corresponding quarter in 2013-14.
During the quarter, revenue from cigarettes increased by 3.23 per cent to Rs 4,210.7 crore, from Rs 4,078.78 crore in the corresponding quarter in 2013-14.
"The company delivered another year of steady performance in the backdrop of continuing sluggishness in the macro-economic environment, exacerbated by a steep increase in taxes/duties on cigarettes which led to unprecedented pressure on legal cigarette industry sales volumes," ITC had said in a statement.
Meanwhile, in the broader market, the BSE benchmark Sensex ended at 27,643.88, down 313.62 points.