Will ITC break Rs 400-mark as BAT mulls stake sale? Here's what chart say

Technically, the stock seems placed unfavourably on multiple parameters. However, a pullback cannot be ruled out, as it trades in oversold zone too.

Shares of ITC have been on a steady decline since the start of the calendar year 2024. The selling pressure at the counter accentuated after the FMCG major reported its December quarter earnings on January 29, 2023. As of date, the stock has declined 15 per cent so far this year as against 1 per cent fall on the S&P BSE Sensex.

On Thursday, the stock hit an 8-month low on sliding 4 per cent after the company's largest shareholder, British American Tobacco (BAT), said it was planning to pare stake in the company.

BAT holds 29.03 per stake in