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ITC’s drag: BAT sparks 6% plummet

Shares of ITC declined by nearly 6 per cent last week after British American Tobacco (BAT), holding a 29.03 per cent stake, announced its intention to sell a portion of its stake in the cigarette major. Analysts suggest that the impending supply of shares could exert downward pressure on ITC’s stock. Additionally, the foreign direct investment cap in ITC means that BAT cannot directly sell to another foreign entity. Instead, it will sell in the open market via private placements to local investors or foreign portfolio investors. Analysts note that even if BAT reduces