ITC slumped as much as 3.9 per cent on Thursday after FTSE lowered its free float weighting for the cigarette maker in its global equity index series, according to the web site of the index provider.
The changes, which are effecting as of the close of trade on Dec. 21, would impact passive trackers of FTSE indexes. Citigroup said in a note the change in free float weighting could lead to selling of 36 million shares in ITC, amounting to $200 million.
FTSE also increased Kotak MahindraBank's free float weighting to 35 per cent from 33 per cent and IndusIndBank's to 49 per cent from 24 per cent.
ITC shares were down 3.7 per cent as of 0602 GMT, but IndusInd Bank gained 2.3 per cent. Kotak Mahindra was down 0.2 per cent.
The changes, which are effecting as of the close of trade on Dec. 21, would impact passive trackers of FTSE indexes. Citigroup said in a note the change in free float weighting could lead to selling of 36 million shares in ITC, amounting to $200 million.
FTSE also increased Kotak MahindraBank's free float weighting to 35 per cent from 33 per cent and IndusIndBank's to 49 per cent from 24 per cent.
ITC shares were down 3.7 per cent as of 0602 GMT, but IndusInd Bank gained 2.3 per cent. Kotak Mahindra was down 0.2 per cent.
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