ITC Hotels debuts at ₹180, slips 2.4% in early trade
ITC Hotels, the demerged hospitality business of ITC Limited, made its stock market debut at ₹180 on the National Stock Exchange (NSE) on Wednesday, January 29, 2025. The stock subsequently declined to ₹175.60, down 2.44. from its listing price, as of 11.05 am.
The shares of ITC Limited were trading at ₹431.80, down by ₹3.65 or 0.84 per cent on the NSE today at the same time.
Under the demerger scheme, shareholders received one share of ITC Hotels for every ten shares held in ITC Limited. The stock trading will remain in the Trade-for-Trade segment for ten trading days.
The demerger resulted in ITC’s stock price adjusting to ₹455.60, with ₹27 allocated toward ITC Hotels during the Special Pre-Open Session. Prashanth Tapse, Senior VP (Research) at Mehta Equities Ltd, noted that while the discovery price aligned with expectations, he anticipated a conservative listing range of ₹100-125 per share. “ITC Hotels’ demerger is expected to unlock substantial shareholder value and enable the newly formed company to focus on growth in the luxury hospitality sector,” Tapse said, recommending investors hold their positions.
Trading data showed a buy quantity of 10,96,787 shares against a sell quantity of 20,77,705 shares. The stock touched a low of ₹172 during early trading. ITC Hotels shares come with a face value of ₹1 each.
