Shares of FMCG major ITC on Thursday slumped nearly 4 per cent after its weight was reduced in FTSE global equity index series.
Following the news, shares of the company fell by 4.39 per cent to Rs 292.40 during the day on the BSE. The scrip finally ended at Rs 295, down 3.55 per cent.
ITC is the most influential stock in 30—share Sensex and decline in the scrip was significant in pulling down the benchmark index by 126 points to 19,229.26.
At NSE, the stock ended at Rs 294.95, down 3.60 per cent from its previous close.
“FMCG major ITC traded lower after the news of weight reduction by the global index provider FTSE,” Alex Mathews, Head Research, Geojit BNP Paribas Financial Services said.
Global index provider FTSE has lowered the weightage of ITC in its global equity index series from 75 per cent to 24 per cent.