ITC shares declined on October 8, 2026, following a large block deal involving 36 crore shares. This selling pressure follows a series of stake reductions by institutional investors, adding to the stock's recent volatility.
ITC Ltd. shares faced selling pressure on Thursday, October 8, 2026, dropping nearly 3 percent after a significant block deal hit the market. Approximately 36 crore shares changed hands during the session at an average price of Rs 257.35 per share, resulting in a total deal value of Rs 9,437 crore. This transaction was one of the largest for the company in recent times, causing an immediate dip in the share price during trading hours.
The selling pressure follows disclosures by GQG Partners LLC, which has been systematically reducing its position in the conglomerate. Exchange filings from October 6, 2026, revealed that the investment firm and its affiliates lowered their aggregate stake from 3.48 percent to 3.17 percent through market sales between May 2025 and October 2026. This ongoing divestment by a major institutional investor has created uncertainty among shareholders regarding the stock’s short-term movement.
The stock had shown signs of volatility in the days leading up to this deal. On October 5, 2026, ITC had posted a 5 percent gain following a rating upgrade from global brokerage Citi. However, the subsequent heavy supply of shares in the block deal reversed that momentum, highlighting how sensitive the stock price is to large-scale institutional activity.
Because ITC has no identified promoter shareholding, it relies heavily on institutional investors for price stability. Any shift in the holdings of large domestic mutual funds, foreign institutional investors, or insurance giants like the Life Insurance Corporation of India significantly affects trading patterns.
Beyond institutional churn, the company continues to navigate operational challenges. The business faces pressure from rising commodity costs and increased taxation on cigarettes, which is a core revenue driver. These factors, combined with the company’s year-to-date performance, have led some investors to remain cautious. The market will likely focus on whether this block deal marks a completion of institutional portfolio adjustments or if further selling pressure lies ahead. Investors may also track management commentary on business growth and how the company plans to mitigate tax and inflation pressures in the coming quarters.