ITC Declines 3% Post Major Block Deal; Trades Ex-Dividend ₹7.85 Per Share

ITC shares fell 3% to ₹413 on NSE after a large block deal involving around 385 million shares. British American Tobacco (BAT), holding a 20.3% stake in ITC, plans to sell nearly 2-2.3% via accelerated book build, potentially raising ₹11,600 crore, though the deal's certainty remains unclear. ICICI Securities views the sale as unlikely to impact ITC’s fundamentals and maintains a positive long-term outlook, recommending a Buy. ITC declared a ₹7.85 final dividend for FY25. The company focuses on FMCG growth and has improved its business post hotel demerger, trading at a discounted valuation with a price target of ₹522.