ITC shares tank over 5%; m-cap down Rs 14,895 cr
Shares of FMCG major ITC on Monday slumped by over 5 percent on profit booking amid a sharp dip in the stock market.
Mumbai: Shares of FMCG major ITC on Monday slumped by over 5 percent on profit booking amid a sharp dip in the stock market.
ITC scrip had surged nearly 9 percent in the last five consecutive sessions.
After falling 5.69 percent in intra-day trade, the stock closed the session at Rs 335.85, down 5.31 percent on BSE.
At NSE, the scrip settled at Rs 336, down 5.12 percent.
The scrip, which has the highest weight on the Sensex, was the top loser on both the benchmark indices -- Sensex as well as Nifty.
ITC commands 11.06 percent weight on the Sensex.
The market-cap of the company eroded by Rs 14,895 crore to Rs 2,65,383 crore.
"The stock has seen a sharp rally from mid-April. The stock was trading in an overbought zone. Today the stock plummeted over 5 percent," said Milan Bavishi, Head Research, Inventure Growth & Securities.
ITC will announce fourth quarter earnings on May 17.
In the overall market, the BSE 30-stock index, Sensex ended at 19,691.67, down 430.65 points.