ITC share price falls 4% after weak December quarter results

The stock had run up as much as 40% since November

Shares of ITC dropped 4 per cent on Friday, a day after it reported an 11.4-per-cent decline in its year-on-year (YoY) consolidated profit for the December 2020 quarter.

The stock ended Friday’s session at Rs 217, a decline of 4 per cent — the most since December 21. Shares of the company had rallied more than 40 per cent since November. 

During the same period, the Sensex has gained close to 30 per cent. Experts said the stock declined on account of concerns regarding margins.

“The overall result is OK from a revenue point of view, but operating profit margins continue to cast