ITC Block Deal: GQG Sells 2.9% for Rs 9,395 Crore as Mutual Funds Absorb the Stake at Rs 257.35 a Share
- October 9, 2026
- Posted by: Chaitanya Auti
- Category: News
ITC block deal: GQG sold 36.5 crore shares (2.9%) for Rs 9,395.44 crore at Rs 257.35. ITC CMP Rs 259.95 (+1.94%). Market cap Rs 3,18,338 crore. Data 10:23 am IST, 9 Oct 2026.
Quick Answer
The ITC block deal on 8 October saw GQG sell 36.5 crore shares, or 2.9% of the company, for Rs 9,395.44 crore at an average price of Rs 257.35. Fidelity, ICICI Prudential Mutual Fund, SBI Mutual Fund and Nippon India Mutual Fund were among the buyers, together taking about 80% of the shares sold. ITC shares were up 1.94% at Rs 259.95 on Friday morning, so the market absorbed the supply without a visible discount. The stock is still about 39% below its 52-week high of Rs 426.40, and the reason for the sale was not stated in the exchange data.
The ITC block deal on Thursday was one of the largest single-stock transactions of the week. GQG sold 36.5 crore shares, equal to 2.9% of ITC’s equity, for Rs 9,395.44 crore, and a group of fund houses bought the stake.
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A transaction of this size raises three questions: who bought, at what price, and what it means for the share price. This guide answers each using the deal data, and adds valuation, chart levels and risks for ITC shares after the ITC block deal.
ITC Block Deal Details: Who Sold and Who Bought
| Party | Role | Shares | Stake in ITC | Value |
|---|---|---|---|---|
| GQG | Seller | 36.5 crore | 2.9% | Rs 9,395.44 crore |
| Fidelity Advisor Series VIII | Buyer | 13.4 crore | 1.1% | Rs 3,448.5 crore |
| ICICI Prudential Mutual Fund | Buyer | 9.4 crore | 0.75% | Rs 2,419.4 crore |
| SBI Mutual Fund | Buyer | 3.76 crore | 0.3% | Rs 967.75 crore |
| Nippon India Mutual Fund | Buyer | 2.70 crore | 0.22% | Rs 696 crore |
The four named buyers took 29.26 crore shares worth about Rs 7,532 crore, which is about 80% of the sale. The balance of roughly 7.2 crore shares, worth about Rs 1,864 crore, went to other buyers, including Edelweiss Mutual Fund, Mirae Asset Mutual Fund and ICICI Prudential Life Insurance.
The average price of the ITC block deal was Rs 257.35 on the BSE. The reason GQG sold was not stated in the deal data, so any explanation is speculation.
What the ITC Block Deal Price Tells Us
The average block price of Rs 257.35 compares with Thursday’s close of Rs 255.00 and Friday’s price of Rs 259.95. Buyers in the ITC block deal are therefore about 1.0% in the money at the current price.
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Block deals take place in a separate trading window, with a minimum size of Rs 10 crore and prices set within a narrow band of the market price. This is why a large ITC block deal can change hands without the stock moving sharply, as it did here.
A deal of this size does not predict the next move in the share price. It shows that large institutions were willing to take 29 crore shares or more at that level, and that the seller wanted to reduce its stake.
ITC Share Price After the Block Deal
| Metric | Value |
|---|---|
| Company | ITC Ltd. |
| Share price (NSE) | Rs 259.95 (+1.94%) |
| Previous close | Rs 255.00 |
| 52-week low / high | Rs 253.15 / Rs 426.40 |
| Market capitalisation | Rs 3,18,338 crore |
| P/E ratio (industry P/E) | 15.77 (34.85) |
| Dividend yield | 5.71% |
| Return on equity | 28.53% |
| Debt to equity | 0.03 |
ITC trades at less than half the industry P/E of 34.85 and offers a dividend yield of 5.71%, with almost no debt. Yet the shares are about 39% below their 52-week high of Rs 426.40 and about 2.7% above the 52-week low, so the market is clearly weighing something other than balance sheet strength.
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Technical View: Levels to Watch
The chart remains weak. The 14-day RSI is 47.99, the MACD line of -1.85 is below its signal line of -1.60, and the SuperTrend band at Rs 272.78 sits above the price.
The block price of Rs 257.35 lies between the 52-week low of Rs 253.15 and the 20-day average of Rs 263.75, which is the nearest resistance. The lower SuperTrend band at Rs 253.74 is almost the same as the 52-week low, which makes the Rs 253 area the level to watch after the ITC block deal.
Why Do Large Block Deals Matter for Investors?
Large holders selling can create an overhang, a worry that more selling will follow. In the ITC block deal, domestic mutual funds and a foreign investor took the shares quickly, which suggests demand at this level. Whether the seller has more ITC shares to sell is not stated in the deal data.
Fund buying is a positive sign but not a promise. The same funds can sell later if their view changes, and buying by one group can be offset by selling elsewhere. Another way to read the ITC block deal is as a change in the shareholder mix rather than a verdict on the business.
Risks After the ITC Block Deal
The first risk after the ITC block deal is further selling. If other large holders follow, supply could pressure the shares despite the strong demand seen on Thursday.
The second is the trend. ITC is down about 39% from its 52-week high and sits below its SuperTrend band, so a reversal needs a close above Rs 272.78 to be convincing.
The third is business risk. ITC’s cigarette profits depend on tax policy, and changes in excise or tax rates can affect earnings. FMCG demand and input costs add further variables.
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Conclusion
The ITC block deal moved Rs 9,395.44 crore of stock from GQG to fund houses at Rs 257.35 a share, and ITC shares are up 1.94% the next morning. Valuation is low against the industry, the dividend yield is 5.71%, and the chart is still weak.
Investors looking at FMCG stocks to buy may watch the Rs 253 support area and a close above Rs 272.78, keep a stop-loss, and consult a SEBI-registered adviser before acting.
Disclaimer: Data and figures in this article are sourced from publicly available information. These may or may not be accurate. Please verify all data independently before making any investment decision. Investments in securities are subject to market risk. This content is for educational purposes only and is not investment advice by Univest (SEBI RA INH000013776).
Frequently Asked Questions
What is the ITC block deal?
Ans. The ITC block deal was a large transaction on 8 October in which GQG sold 36.5 crore shares, or 2.9% of ITC, for Rs 9,395.44 crore. Mutual funds and other institutions bought the shares.
Who sold shares in the ITC block deal?
Ans. GQG sold 36.5 crore shares in the ITC block deal. That equals 2.9% of the company’s equity, and the sale was worth Rs 9,395.44 crore.
Who bought shares in the ITC block deal?
Ans. Buyers included Fidelity Advisor Series VIII at 13.4 crore shares, ICICI Prudential Mutual Fund at 9.4 crore, SBI Mutual Fund at 3.76 crore and Nippon India Mutual Fund at 2.70 crore. Edelweiss, Mirae Asset and ICICI Prudential Life were also among the buyers.
At what price was the ITC block deal done?
Ans. The average price of the ITC block deal was Rs 257.35 on the BSE. ITC traded at Rs 259.95 on the NSE at 10:23 am on 9 October, about 1.0% above that average.
Why did GQG sell ITC shares?
Ans. The reason was not stated in the block deal data. Large investors sell for many reasons, including portfolio changes and fund flows, so any explanation would be speculation.
Is the ITC block deal good or bad for the share price?
Ans. The ITC block deal is neutral to mildly positive so far, since ITC rose 1.94% on Friday morning and buyers absorbed the shares. It does not guarantee a trend, and the chart still shows a downtrend.
What is the ITC share price today?
Ans. ITC traded at Rs 259.95 on the NSE at 10:23 am on 9 October 2026, up 1.94%. Its 52-week range is Rs 253.15 to Rs 426.40, and its market cap is Rs 3,18,338 crore.
What is a block deal?
Ans. A block deal is a large trade of at least Rs 10 crore executed in a special window of the stock exchange. The ITC block deal is a recent example, with prices set in a narrow band around the market price.