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Fall in ITC shares drag Nifty FMCG index 2%; Nestle, Emami down 2% each
Leading the decline in the FMCG pack around 3:00 PM were shares of ITC, Nestle, Emami, and Tata Consumer, which fell between 1.1 per cent and 2.5 per cent. Other notable laggards included United Spirits (down 0.78 per cent), Hindustan Unilever (down 0.63 per cent), Varun Beverages (down 0.25 per cent), Britannia (down 0.16 per cent), and Godrej Consumer (down 0.12 per cent).
However, not all stocks in the index were in the red. Gainers included Dabur (up 0.08 per cent), Patanjali Foods (up 0.16 per cent), Marico (up 0.50 per cent), Radico Khaitan (up 0.51 per cent), Colgate-Palmolive (up 1.17 per cent), and United Breweries (up 1.36 per cent).
ITC slides on block deal
In a filing to the London Stock Exchange (LSE) on Wednesday, the maker of Dunhill and Lucky Strike cigarettes said it had completed the sale of 313 million ordinary shares in ITC through an accelerated bookbuild process targeting institutional investors. The transaction, representing 2.5 per cent of ITC's equity, generated net proceeds of ₹12,900 crore.
Following the sale, BAT's stake in ITC is expected to decrease to approximately 22.9 per cent. A day earlier, BAT had announced plans to divest part of its holding, stating it would remain a significant shareholder with a 23.1 per cent stake.
At 2:44 PM, the FMCG index remained near its day's low, trading 1.31 per cent lower at 55,804.10. In contrast, the benchmark Nifty50 was down just 0.17 per cent, hovering at 24,784.50 level.
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