ITC shares slump as FTSE cuts free float weighting
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)
- Tweet this
- Share this
- Digg this
- Maker of U.S. highway guardrails stops shipments over safety concerns
- Google's Pichai to oversee major products and services
- São Paulo running out of water as rain-making Amazon vanishes
- UPDATE 1-UK's Labour suffers setback as leader in Scotland quits
- India picks Israel's Spike anti-tank missile over U.S. Javelin - source
Finance Minister Arun Jaitley favours a cut in interest rates to trigger demand in the construction sector, a newspaper report said on Saturday, but the Reserve Bank of India (RBI) has signalled it will not ease policy until it is confident of lower inflation. Full Article
Euro zone risks "relapse into recession" without structural reforms - Draghi. Full Article
Kalki Koechlin on her role as a disabled girl in “Margarita, With a Straw” Full Article