ET BUREAU
ITC chairman YC Deveshwar sells over 15.27 lakh company shares for over Rs 30 crore
ITC chairman YC Deveshwar has sold over 15.27 lakh company shares for more than Rs 30 crore in the open market on the National Stock Exchange (NSE).
The deal, concluded in four tranches between August 29 and September 2, reduces Deveshwar's holding in the cigarettes-to-hotels conglomerate to 0.04% from 0.06%, according to the latest company notification to the NSE. On Friday, ITC's shares closed 0.73% down on the Bombay Stock Exchange at Rs 197.7 and down 0.58% on the NSE at Rs 198.
"While the market may have reacted a little negatively, fundamentally this should not be any issue in ITC's long-term prospects. There is nothing wrong in the company's fundamentals and all the divisions are performing as per expectation," said Angel Broking's FMCG analyst Sreekanth PVS.
The move follows a recent announcement by Deveshwar that he will step down from the top post by 2017. ITC has since identified three successors - Nakul Anand, KN Grant and PV Dhobale , who are currently being mentored by Deveshwar.
ITC chairman YC Deveshwar sells over 15.27 lakh company shares for over Rs 30 crore
ITC chairman YC Deveshwar has sold over 15.27 lakh company shares for more than Rs 30 crore in the open market on the National Stock Exchange (NSE).
The deal, concluded in four tranches between August 29 and September 2, reduces Deveshwar's holding in the cigarettes-to-hotels conglomerate to 0.04% from 0.06%, according to the latest company notification to the NSE. On Friday, ITC's shares closed 0.73% down on the Bombay Stock Exchange at Rs 197.7 and down 0.58% on the NSE at Rs 198.
"While the market may have reacted a little negatively, fundamentally this should not be any issue in ITC's long-term prospects. There is nothing wrong in the company's fundamentals and all the divisions are performing as per expectation," said Angel Broking's FMCG analyst Sreekanth PVS.
The move follows a recent announcement by Deveshwar that he will step down from the top post by 2017. ITC has since identified three successors - Nakul Anand, KN Grant and PV Dhobale , who are currently being mentored by Deveshwar.