Wells Fargo sells ITC’s shares for ₹106 crore

Financial services company Wells Fargo has sold ITC’s shares worth ₹106 crore through an open market transaction. San Francisco-headquartered Wells Fargo & Company is a diversified, community-based financial services company with approximately $1.9 trillion in assets.According to the block deal data on the National Stock Exchange (NSE), Wells Fargo, through its affiliate Wells Fargo Emerging Markets Equity CIT, offloaded 26.55 lakh shares of Kolkata-based ITC.

On Friday, the shares were disposed of at an average price of ₹401.60 apiece, taking the transaction value to ₹

106.62 crore. Meanwhile, these shares were bought by SEI Trust Company through its arm.
Also Read: BAT to divest ITC Hotels stake at best time to maximise shareholder valueShares of ITC on Monday rose 0.51% to close at ₹397 apiece on the NSE.

Last month, diversified entity ITC Ltd reported a 7.27% decline in consolidated net profit to ₹5,013.16 crore for the December quarter on account of subdued demand and sharp escalation in input costs. The company had posted a consolidated net profit of ₹5,406.52 crore in the year-ago period, the company said.

ITC’s revenue from operations was up 9.05% to ₹20,349.96 crore in the December quarter. It was ₹ 18,660.37 crore in the corresponding quarter of the previous fiscal year, it added.

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