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Rediff News  All News  » Business » ITC shares tank over 5%; m-cap down Rs 14,895 cr

ITC shares tank over 5%; m-cap down Rs 14,895 cr

May 13, 2013 17:25 IST

ITC productsShares of FMCG major ITC on Monday slumped by over 5 per cent on profit booking amid a sharp dip in the stock market.

ITC scrip had surged nearly 9 per cent in the last five consecutive sessions.

After falling 5.69 per cent in intra-day trade, the stock closed the session at Rs 335.85, down 5.31 per cent on BSE.

At NSE, the scrip settled at Rs 336, down 5.12 per cent.

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 per cent weight on the Sensex.

The market-cap of the company eroded by Rs 14,895 crore (Rs 148.95 billion) to Rs 2,65,383 crore (Rs 2,653.83 billion).

"The stock has seen a sharp rally from mid-April.

"The stock was trading in an overbought zone. "Today the stock plummeted over 5 per cent," 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.

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