GQG Partners sold a 2.91% stake in ITC Ltd, offloading 36,50,84,221 shares in 14 tranches through its fund. The shares were sold at an average price of ₹257.35 each, giving a total deal value of ₹9,395.44 crore. The transaction was disclosed in official block‑deal data released on Thursday, and ITC shares will remain on investors’ radar on Friday, October 9. The sale is part of GQG Partners’ ongoing strategy to pare its holdings in Indian companies.

The largest buyer was US‑based Fidelity International, which acquired 13.4 crore ITC shares, representing nearly a 1.07% stake, for ₹3,448.49 crore. Other domestic mutual funds that participated included SBI, Kotak Mahindra, Mirae Asset, Aditya Birla Sun Life, Nippon India, ICICI Prudential and Edelweiss. Life insurers ICICI Prudential Life Insurance Company and Bajaj Life also bought shares. Foreign institutional buyers were Ghisallo Capital Management, BNP Paribas, Citigroup Global Markets Singapore and Morgan Stanley in 2026.

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, according to BSE shareholding data. GQG Partners manages the Goldman Sachs GQG Partners International Opportunities Fund on behalf of Goldman Sachs Asset Management. The ITC sale adds to a string of stake sales by GQG this year, including more than ₹12,000 crore worth of holdings sold across Adani Group companies during the June quarter.

ITC shares have fallen 2% over the past five trading sessions on the NSE and 2% over the past 30 days. The stock has declined 15.7% over the past six months and nearly 30% year‑to‑date in 2026. On Thursday, the shares fell more than 4%, closing at ₹254.05 on the BSE and settling at ₹255 on the NSE, down 4.03%. The average selling price of ₹257.35 per share was slightly above the closing price, reflecting the market's reaction to the block deal.

During the June quarter, 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, continuing its systematic divestment across multiple sectors.