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Shares of ITC fell about 5% on Monday (January 6, 2025) in a special trading session to “discover” its price after accounting for the foods to tobacco conglomerate spinning off its hotels business into a separate listed entity.
ITC’s stock settled at ₹455.6 at the end of the hour-long pre-open trading session, compared to its unadjusted close of ₹481.6 on Friday. Now, the stock’s last closing will be deemed to have been at ₹455.6.
Compared to that adjusted close, ITC’s stock was down 1.1% at ₹450.55 as of 11:03 a.m. IST.
The ITC Hotels spin-off was effective Jan. 1.
ITC shareholders will get one ITC Hotels share for every 10 ITC shares, which values the ITC Hotels at ₹260 based on the price adjustment.
ITC Hotels’ shares are expected to start trading in February, with ITC holding a 40% stake and the rest open to public shareholders.
Published – January 06, 2025 11:31 am IST
