ITC shares slump as FTSE cuts free float weighting

MUMBAI Thu Dec 13, 2012 12:02pm IST

A man talks on his mobile phone as he walks past an ITC office building in Kolkata September 4, 2012. REUTERS/Rupak De Chowdhuri/Files

A man talks on his mobile phone as he walks past an ITC office building in Kolkata September 4, 2012.

Credit: Reuters/Rupak De Chowdhuri/Files

Related Topics

Stocks

   

MUMBAI (Reuters) - ITC(ITC.NS) slumped as much as 3.9 percent on Thursday after FTSE lowered its free float weighting for the cigarette maker in its global equity index series, according to the web site of the index provider.

The changes, which are effecting as of the close of trade on December 21, would impact passive trackers of FTSE indexes. Citigroup said in a note the change in free float weighting could lead to selling of 36 million shares in ITC, amounting to $200 million.

FTSE also increased Kotak Mahindra Bank's (KTKM.NS) free float weighting to 35 percent from 33 percent and IndusInd Bank's (INBK.NS) to 49 percent from 24 percent.

ITC shares were down 3.7 percent as of 11:32 a.m., but IndusInd Bank gained 2.3 percent. Kotak Mahindra was down 0.2 percent. (Reporting by Abhishek Vishnoi and Manoj Dharra)

FILED UNDER:
Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.

  • Most Popular
  • Most Shared

Trade Deal

REUTERS SHOWCASE

Record High

Record High

Nifty hits record high on foreign buying, higher Asian stocks.  Full Article 

Bullish on Equities

Bullish on Equities

Bullish on Indian equities, but gains seen 'less sharp'- Goldman Sachs  Full Article 

Facebook Results

Facebook Results

Second quarter revenue increases 61 percent  Full Article 

BRICS Bank

BRICS Bank

World Bank chief welcomes new BRICS development bank.  Full Article 

Streamlining Operations

Jet Streamlines

Jet Airways chairman says looking to restructure debts, talking to bankers  Full Article 

Political Economy

Political Economy

Analysis - Watch what markets don't do as world politics turns nasty   Full Article 

Photo

Honda's India Thrust

Honda's India unit to account for 25 pct of Asia Pacific sales by March 2017 - exec   Full Article 

 Boosting Output

Boosting Output

NMDC plans to boost iron ore output by two-thirds  Full Article 

Apple Results

Apple Results

Apple margin concerns fade, focus shifts to iPhone launch  Full Article 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device.  Full Coverage