ITC HOTELS SHARE PRICE: BRITISH AMERICAN TOBACCO CONFIRMS EXIT

ITC Hotels share price: ITC Hotels shares will likely remain in focus in the upcoming weeks after British American Tobacco (BAT) stated that it is not interested in becoming a long-term shareholder in a hotel chain in India. ITC Hotels shares dipped over 5 per cent in today's trading session.

BAT, which currently holds a 15.3% stake in ITC Hotels as of December 2024, intends to exit by 2026. BAT has also stated that their focus is not on the Indian hospitality sector.

ITC Hotels share price today

On Friday, Feb 14, ITC Hotels shares closed in the negative bias at Rs 164.95 per share, down -4.95 points or -2.91 per cent against the previous close of Rs 169.90 per share. ITC Hotels shares opened at Rs 170.10 and traded in the range of Rs 171.75 and Rs 160.30 per share.

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A total of 9.58 lakh shares changed hands against the two weeks’ average quantity of 9.37 lakh shares on BSE. The company commands a market cap of Rs 34,328.92 crore as of last close.

ITC BAT news

On Thursday, BAT CEO Tadeu Marroco confirmed that the company will divest its stake in ITC Hotels "at the right moment." Speaking at a post-results analyst meet, Marroco said, "BAT has no interest in becoming a long-term shareholder of a hotel chain in India. As a consequence, when we determine the best time to maximize shareholder value, we will divest. The proceeds will be used to ensure we reach our leverage corridor of 2.5 to 2 by 2026," as cited in an ET report.

Previously, in 2023, ITC announced a proposed demerger of its hotels business, with 60% of the newly formed corporation controlled directly by ITC's stockholders in proportion to their current interests.

BAT, as ITC's major shareholder, is anticipated to review its stake accordingly.

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ITC Hotels share price history

As of Friday, Feb 14, ITC Hotels shares have corrected over 5 per cent in the last one week. However, the stock has gained a meagre 0.21 per cent in the last two weeks, while benchmark Sensex declined over 2 per cent at the same time.

(Disclaimer: The above article is meant for informational purposes only, and should not be considered as any investment advice. ET NOW DIGITAL suggests its readers/audience to consult their financial advisors before making any money related decisions.)

2025-02-14T10:38:32Z