ITC shares fall nearly 3%; mcap declines by Rs 15,027.45 cr

New Delhi: Shares of diversified entity ITC Ltd on Friday fell nearly 3 per cent as the company's September quarter earnings failed to cheer investors.

The stock declined 2.68 per cent to settle at Rs 438.25 apiece on the BSE. During the day, it dropped 2.88 per cent to Rs 437.30.

On the NSE, it slipped 2.75 per cent to Rs 438 per piece.

The company's market valuation eroded by Rs 15,027.45 crore to Rs 5,46,537.83 crore.

The stock was the biggest laggard among the BSE Sensex and NSE Nifty firms.

On the volume front, 7.08 lakh shares of the company were traded on the BSE and over 1.30 crore shares on the NSE during the day.

Diversified entity ITC Ltd on Thursday reported a 6.11 per cent rise in consolidated net profit to Rs 4,955.90 crore for the September quarter amid a challenging operating environment.

The company had posted a consolidated net profit of Rs 4,670.32 crore in the year-ago period, ITC said in a regulatory filing.

"ITC's Q2 FY24 print was a tad lower to our estimates," according to a report by Centrum Broking.

Its gross revenue from the sale of products stood at Rs 19,137.51 crore, up 3.83 per cent during the quarter from Rs 18,430.52 crore a year ago.

ITC's revenue from operations rose 3.55 per cent to Rs 19,270.02 crore in the second quarter of the current fiscal, as against Rs 18,608 crore last year.

"Amidst a challenging operating environment and high base effect in some of its operating segments, the company sustained its strong growth momentum during the quarter, driven by focus on customer centricity, accelerated digital adoption, execution excellence and agility," ITC said in its earning statement.

The company's total expenses in the quarter rose 3.54 per cent to Rs 13,278.69 crore.