Shares of ITC erased gains after surging in Friday’s opening deals on the BSE post strong Q3 results. The cigarette-to-hotel conglomerate’s consolidate net profit rose 15% to ₹4,056 crore during the third quarter. The stock was trading 0.3% lower at ₹233 per share in the early deals.
“ITC’s share price witnessed profit booking after a positive opening despite a very strong set of results. If we look at the earnings then there is a clear beat on most of the parameters but there is no change in the behavior of stock price because every time it comes in the range of 235-240, it witnesses selling pressure,” said Santosh Meena, Head of Research, Swastika Investmart Ltd.