ITC Ltd Shares Plummet Amidst Profit Decline

ITC Ltd experienced a 2.38% drop in stock price after announcing a 7.27% decline in net profit for the December quarter due to subdued demand and increased input costs. The company's market valuation decreased by Rs 13,137.29 crore, despite a 9.05% revenue increase.

On Friday, shares of ITC Ltd experienced a notable decline of over 2% following the company's announcement of a 7.27% fall in consolidated net profit for the December quarter. The stock concluded at Rs 430.90 on the BSE, having dipped by 2.38% during the day, with a more significant decline to Rs 428.50.

Similarly, at the NSE, the shares dropped by 2.49%, closing at Rs 430.10, marking ITC as the biggest laggard among Sensex and Nifty firms. This decline resulted in the company's market valuation shrinking by Rs 13,137.29 crore to a total of Rs 5,39,129.60 crore.

The company attributed the profit decline to subdued demand conditions and a sharp increase in input costs, although revenue from operations rose by 9.05% to Rs 20,349.96 crore in the December quarter. ITC maintained that its performance was resilient despite these challenging circumstances.