ITC block deals: GQG Partners sells 2.91% stake for ₹9,395 crore; check buyers’ list

ITC Ltd shares will remain on investors’ radar on Friday, October 9, after official data on Thursday’s block deals revealed that GQG Partners sold a 2.91% stake in the FMCG major.

BSE data show that the US-based boutique investment firm offloaded 36,50,84,221 ITC shares in 14 tranches through its fund, representing a 2.91% stake in the Kolkata-based company.

The shares were sold at an average price of ₹257.35 apiece, for a total deal value of ₹9,395.44 crore. The transaction comes as GQG Partners continues to pare its holdings in Indian companies.

Separately, Alliance Witan, one of the UK’s oldest and largest investment trusts, sold 16.11 lakh ITC shares for ₹41.46 crore.

Key details to know

At the end of the June quarter, GQG Partners, through its fund, held a 1.06% stake in ITC, while Goldman Sachs Trust II – Goldman Sachs GQG Partners International Opportunities Fund owned a 2.06% stake in the company, according to BSE shareholding data.

GQG Partners manages the Goldman Sachs GQG Partners International Opportunities Fund on behalf of Goldman Sachs Asset Management.

Meanwhile, several domestic and foreign institutional investors purchased an equivalent number of shares at the same price.

US-based Fidelity International, through its arm, emerged as the largest buyer, acquiring 13.4 crore ITC shares, equivalent to nearly a 1.07% stake, for ₹3,448.49 crore.

Several mutual funds managed by SBI, Kotak Mahindra, Mirae Asset, Aditya Birla Sun Life, Nippon India, ICICI Prudential and Edelweiss also participated in the transaction. ICICI Prudential Life Insurance Company and Bajaj Life were among the other buyers.

Other foreign institutional buyers included US-based Ghisallo Capital Management, BNP Paribas, Citigroup Global Markets Singapore and Morgan Stanley.

ITC shares fell more than 4% on Thursday. The stock closed at ₹254.05 apiece on the BSE, while on the NSE, it settled at ₹255, down 4.03%.

GQG on a selling spree

The ITC sale adds to a string of stake sales by GQG this year. During the June quarter, it sold more than ₹12,000 crore worth of holdings across Adani Group companies.

In June, GQG Partners sold a 1.8% stake in GMR Airports for ₹1,906 crore and pared holdings in Adani Enterprises and Adani Energy Solutions for ₹5,747 crore.

In May, it sold 58.92 lakh shares of Adani Enterprises for ₹1,435 crore, while shares worth ₹960 crore were sold in Adani Green Energy.

Earlier in April, GQG divested nearly a 1% stake in ITC Hotels for ₹197 crore.

ITC share price trend

Data show that ITC shares have declined 2% over the past five trading sessions on the NSE and 2% over the past 30 days. The stock has fallen 15.7% over the past six months and nearly 30% year-to-date (YTD) in 2026.