Wells Fargo Divests ITC Shares in Rs 106 Crore Deal

Wells Fargo sold ITC shares worth Rs 106 crore in an open market transaction, reducing its stake by offloading 26.55 lakh shares. ITC's stock responded by a 0.51% rise. This follows ITC's recent report of a 7.27% net profit decline due to increased input costs and subdued demand.

In a strategic financial move, Wells Fargo has sold shares of Indian conglomerate ITC, amounting to a significant Rs 106 crore, through an open market transaction on Monday.

The diversified financial services firm, headquartered in San Francisco, reduced its stake by divesting 26.55 lakh shares at an average price of Rs 401.60 each, as reported by the National Stock Exchange.

This transaction comes on the heels of ITC's announcement of a 7.27% drop in consolidated net profit for the December quarter, attributed to weak demand and rising input costs.

(With inputs from agencies.)