GQG selling rattles ITC, Adani stocks as Nifty hits 52-week low amid global yield shock
Executive Brief • Key Highlights
Fast factual intelligence distilled for busy investors, executives, and answer bots:
- ✓GQG Partners’ aggressive selling of Indian stocks pushed ITC and Adani group shares down on Thursday, as the Nifty hit a 52-week low of 22,182.55.
- ✓Global yield shocks and rising oil prices added pressure on the market.
- ✓Many investors got worried as the broader market rout intensified across the board.
Story at a Glance
- Category
- BUSINESS
- Reported By
- Moneycontrol.com
- Reading Speed
- 3 Minute(s)
- Market Focus
- India Economy
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GQG Partners’ aggressive selling of Indian stocks has put some of its biggest bets under pressure, with ITC and Adani group stocks bearing the brunt on Thursday, as a broader risk-off trade pushed the Nifty to a fresh 52-week low.
ITC fell nearly 4.03% after 36.66 crore shares, or 2.9% of the company, changed hands in a Rs 9,437-crore block deal at Rs 257 a share. The identities of the buyers and sellers were not immediately disclosed, but the transaction came days after GQG disclosed that it had reduced its ITC holding.
The ITC transaction has reinforced concerns about a broader GQG exit from some of its long-held Indian positions. GQG had already been cutting exposure to the Adani group, selling more than Rs 12,000 crore worth of Adani holdings during the June quarter, according to shareholding data.
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