Shares of Indian conglomerate ITC shares fell as much as 3.3% on Tuesday, extending a slide from the previous session, as investors baulked at the company's plans to retain a 40% stake in its hotels business after spinning it off.
A man talks on his mobile phone as he walks past an ITC office building in Kolkata. Picture taken September 4, 2012. REUTERS/Rupak De Chowdhuri/File Photoshares fell as much as 3.3% on Tuesday, extending a slide from the previous session, as investors baulked at the company's plans to retain a 40% stake in its hotels business after spinning it off., separating it from its cigarettes and food units, but retain a 40% stake in the entity, with ITC shareholders holding the rest.
"We believe some investors may have preferred a vertical split ," Jefferies analysts said in a note, pointing to the cash-guzzling nature of the hotel business.
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