ITC Share Price Adjusts 6% As It Trades Ex-Demerger
ITC Ltd.'s share price adjusted 5.9% lower to settle at Rs 455 a piece on BSE, and 5.4% lower to 455.60 on NSE.
ITC Ltd.'s share price adjusted nearly 6% in the special pre-open session on their ex-date for hotels business' demerger on Monday. ITC shares adjusted by Rs 27 per share on BSE to settle at Rs 455, down 5.93%. On NSE, the counter dipped 5.4% lower to settle at Rs 455.60 apiece.
The eligible shareholders will receive one share of the demerged ITC Hotels Ltd., for every 10 shares of the parent they hold. The record date for the demerger also falls on Monday, which means shareholders in ITC's books as of today will be considered eligible.
The demerger came into effect on Jan. 1, according to the company's disclosures.
ITC Hotels poised to become India's second-largest hotel chain with a portfolio of 140 hotels and 12,965 keys. Additionally, the company has a robust expansion pipeline, which will bring the total number of properties to 186, offering a total of 17,265 keys by March 2030.
ITC Share Price
ITC stock fell as much as 5.40% after the special pre-open session on NSE today to Rs 455.60 apiece. Meanwhile, the the benchmark Nifty 50 was 0.23% decline as of 9:51 a.m.
The ITC stock has risen 2.13% in the last 12 months. The total traded volume so far in the day stood at 30 times its 30-day average. The relative strength index was at 35.9.
Of the 39 analysts with a rating on the company, 34 have a 'buy' call, three recommend 'hold', and two suggest 'sell', according to Bloomberg data. The 12-month analysts' consensus target price on the stock is Rs 540.11, implying a upside of 12.1%.
