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

REUTERS SHOWCASE

DLF Appeals

DLF Appeals

DLF seeks interim relief from capital market ban  Full Article 

Business Climate

Business Climate

Fears for tough penalties grow as India cleans up business  Full Article 

Falling Oil Prices

Falling Oil Prices

Indian consumers respond to softer oil, food prices  Full Article 

Pollution Levels

Pollution Levels

Delhi braces for worst air quality this Diwali week.  Full Article 

Fire Accident

Fire Accident

Firecracker market up in flames near Delhi  Video 

Yahoo Result

Yahoo Result

Yahoo ekes out Q3 revenue gain despite display ad weakness  Full Article 

Deal Talk

Deal Talk

Smartphone repair company B2X steps up expansion with Indian deal.  Full Article 

Reuters India Mobile

Reuters India Mobile

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