Shares of FMCG giant ITC today slumped over 5 per cent, eroding Rs 14,871 crore in market valuation, after the company’s December quarter earnings failed to enthuse investors.
ITC plunged 5.01 per cent to settle at Rs 352.60 on the BSE. In intra-day session, it tumbled 5.92 per cent to Rs 349.20.
At the NSE, it slipped 5.21 per cent to close at Rs 351.75.
The stock was the biggest loser among blue-chips on both Sensex and Nifty.
The market value of the company tumbled Rs 14,870.94 crore to Rs 2,81,919.06 crore.
In terms of volume, 17.82 lakh shares of the company changed hands at the BSE, while over 2 crore shares were traded at the NSE during the day.
ITC today reported an over 10 per cent rise in net profit at Rs 2,635 crore for the third quarter ended December 31, 2014, as it continued to witness muted growth in cigarettes business.
The Kolkata-headquartered firm had posted a profit of Rs 2,385.34 crore in the corresponding period a year earlier.
Net sales increased by marginal 2.05 per cent to Rs 8,800.22 crore as against Rs 8,623.11 crore in the corresponding quarter last year, ITC said in a BSE filing.
Earnings from the company’s FMCG business, including cigarettes, increased by 4.23 per cent to Rs 6,456.06 crore while that of non-FMCG business grew by 0.31 per cent to Rs 9,582.95 crore.