GQG Partners recently sold a 2.91% stake in ITC Ltd, a major FMCG company, for ₹9,395.44 crore. The shares were sold at an average price of ₹257.35 each. This transaction is part of GQG Partners' continued effort to reduce its investments in Indian companies.
- GQG Partners sold 36.5 crore ITC shares in 14 tranches.
- Fidelity International bought 13.4 crore shares, gaining a 1.07% stake.
- Other buyers included major mutual funds and foreign institutional investors.
- ITC shares fell over 4% after the sale was announced.
- GQG has also sold stakes in other Indian companies this year.
Who sold shares in ITC and why?
GQG Partners, a US-based investment firm, sold 2.91% of ITC's shares, totaling over 36.5 crore shares. The sale was made in 14 parts at an average price of ₹257.35 per share, amounting to ₹9,395.44 crore. This move is part of GQG's strategy to reduce its holdings in Indian companies.
Who bought the ITC shares?
The largest buyer was Fidelity International, which purchased 13.4 crore shares, representing about a 1.07% stake in ITC, for ₹3,448.49 crore. Several mutual funds managed by SBI, Kotak Mahindra, Mirae Asset, Aditya Birla Sun Life, Nippon India, ICICI Prudential, and Edelweiss also participated. Additionally, ICICI Prudential Life Insurance and Bajaj Life Insurance companies acquired shares. Other foreign buyers included Ghisallo Capital Management, BNP Paribas, Citigroup Global Markets Singapore, and Morgan Stanley.
How did the market react to the sale?
Following the announcement of the block deals, ITC shares dropped more than 4%, closing at ₹254.05 on the Bombay Stock Exchange. The stock has been declining recently, falling 2% over the past five trading sessions and 15.7% over the past six months.
Has GQG Partners sold stakes in other Indian companies?
Yes, GQG Partners has been actively reducing its investments in Indian firms this year. In the June quarter, it sold over ₹12,000 crore worth of shares in Adani Group companies. This included a 1.8% stake in GMR Airports for ₹1,906 crore, and stakes in Adani Enterprises and Adani Energy Solutions worth ₹5,747 crore. Earlier sales included shares in Adani Enterprises, Adani Green Energy, and ITC Hotels.
What is the current status of ITC shares?
ITC shares have experienced a decline recently. Over the past 30 days, the stock fell by 2%, and year-to-date in 2026, it dropped nearly 30%. This trend reflects broader market movements and investor sentiment following large stake sales.
Frequently Asked Questions
Q: Why did GQG Partners sell its stake in ITC?
A: GQG Partners is reducing its holdings in Indian companies as part of its investment strategy, which includes selling stakes in several firms this year.
Q: Who were the main buyers of ITC shares in this block deal?
A: The largest buyer was Fidelity International, along with various mutual funds and foreign institutional investors.
Q: How did the ITC stock price react to the block deal?
A: ITC shares fell more than 4% on the day following the announcement of the block deal.
Q: Has GQG Partners sold stakes in other companies recently?
A: Yes, GQG Partners sold stakes in Adani Group companies, GMR Airports, and ITC Hotels earlier this year.
Note: This article is for informational purposes only and does not constitute investment advice. Readers should consult financial advisors before making investment decisions.
