GQG Partners Sells 2.91% ITC Stake in ₹9,395 Crore Block Deal

GQG Partners Offloads Significant Stake in ITC, Raising ₹9,395 Crore

The recent stake sale by GQG Partners in ITC has raised eyebrows, signaling potential shifts in investor sentiment and market dynamics.

Details of the Block Deal

In a notable move, entities of GQG Partners sold 36.5 crore shares of ITC in a block deal on the Bombay Stock Exchange (BSE) on Thursday. This transaction, valued at ₹9,395.4 crore, represents 2.91% of ITC’s total equity, with shares sold at ₹257.35 each. Additionally, Alliance Witan PLC sold 16.11 lakh shares, equivalent to a 0.01% stake, for ₹41.5 crore during the same deal.

Who Bought the Shares?

The block deal attracted significant institutional interest, with large buyers including Fidelity Advisor Series VIII – Fidelity Advisor Overseas Fund, ICICI Prudential Mutual Fund, SBI Mutual Fund, Nippon India Mutual Fund, and Citigroup Global Markets Singapore Pte. This influx of institutional capital may indicate a belief in ITC’s long-term potential despite recent stock performance.

Changes in GQG Partners’ Holdings

Following this sale, GQG Partners’ stake in ITC has been notably adjusted. As of the quarter ending June 30, Goldman Sachs Trust II – Goldman Sachs GQG Partners International Opportunities Fund held a 2.06% stake, while the GQG Partners Emerging Markets Equity Fund’s stake decreased to 1.06%, down from 2.11% at the end of June 2025. This shift reflects a strategic reallocation of assets by GQG Partners in response to market conditions.

Market Reaction and ITC’s Performance

In the wake of the block deal, shares of ITC fell by 4.03%, closing at ₹255. This decline is part of a larger trend, with ITC’s stock down 29.92% year-to-date, significantly underperforming the benchmark Nifty 50 index, which has seen a decline of 14.97% in 2026. The market’s reaction may reflect concerns over the company’s growth trajectory and profitability amidst a challenging economic environment.

Key Highlights

• GQG Partners sold a 2.91% stake in ITC for ₹9,395 crore.
• Shares were sold at ₹257.35 each in a block deal.
• Major buyers included several prominent mutual funds and investment firms.
• ITC’s stock has fallen 29.92% year-to-date, underperforming the Nifty 50 index.
• GQG Partners’ stake in ITC has decreased, reflecting a strategic reallocation.

Investor Note: The recent stake sale by GQG Partners highlights a significant shift in investor sentiment towards ITC. Retail investors should closely monitor the company’s performance and market trends to assess potential investment opportunities amid ongoing volatility.