Wells Fargo sells ITC's shares for Rs 106 crore

Financial services company Wells Fargo has sold ITC's shares worth Rs 106 crore through an open market transaction. San Francisco-headquartered Wells Fargo & Company is a diversified, community-based financial services company with approximately USD 1.9 trillion in assets.

According to the block deal data on the National Stock Exchange (NSE), Wells Fargo through its affiliate Wells Fargo Emerging Markets Equity CIT offloaded 26.55 lakh shares of Kolkata-based ITC.

On Friday, the shares were disposed of at an average price of Rs 401.60 apiece, taking the transaction value to Rs 106.62 crore.


Meanwhile, these shares were bought by SEI Trust Company through its arm.

Shares of ITC on Monday rose 0.51 per cent to close at Rs 397 apiece on the NSE.

Last month, diversified entity ITC Ltd reported a 7.27 per cent decline in consolidated net profit to Rs 5,013.16 crore for the December quarter on account of subdued demand and sharp escalation in input costs.

The company had posted a consolidated net profit of Rs 5,406.52 crore in the year-ago period, the company said.

ITC's revenue from operations was up 9.05 per cent to Rs 20,349.96 crore in the December quarter. It was Rs 18,660.37 crore in the corresponding quarter of the previous fiscal year, it added.