ITC shares slide 3% on block-deal buzz
In short
ITC shares dropped 3% on Thursday as reports pointed to likely block deals. Nearly 39 crore shares changed hands across the NSE and BSE, according to the report.
The report does not say who bought or sold the shares. It also does not say whether the trades were confirmed block deals or why they happened.
What the reporting says
ITC shares fell 3% on Thursday amid reports of likely block deals, with nearly 39 crore shares changing hands across the NSE and BSE. The reporting says the buyers and sellers were not immediately known, leaving the exact structure and motivation of the trades unclear. The immediate consequence was a broad hit to the stock.
Why it matters
ITC shares slid 3% on Thursday after reports of likely block deals and nearly 39 crore shares changing hands across the NSE and BSE. The reporting says the identities of buyers and sellers were not immediately known, so the transaction details remain unclear. The market reaction was negative for ITC, but the underlying reason for the activity is still not stated.