ITC extends fall, slips 5% in 3 days as Q3 results miss Street estimates

Analysts expect the stock to remain muted in the near-term given a weaker overall environment

Shares of ITC slipped 2 per cent to Rs 441.70 on the BSE in Tuesday's intraday trade after the fast moving consumer goods' (FMCG) company reported 3.2 per cent year-on-year (Y-o-Y) decline in earnings before interest, taxes, depreciation, and amortisation (Ebitda) at Rs 6,024 crore for the December quarter (Q3FY24). 

The fall in Ebitda was a first in 12 quarters and below analysts' estimates. Miss was led by cigarette, fast moving consumer goods (FMCG), and paperboards business, while hotels and agri were a tad better.

ITC's stock was trading lower for a third straight day, falling 5 per cent during the period.