ITC Hotels shares fall 5% after listing. Should you buy, sell or hold?
ITC Ltd to unlock value for 37 lakh shareholders, ITC Hotels shares listed at Rs 188 on BSE but hit 5% lower circuit minutes after as ITC shareholders who were not comfortable owning the hotels business tried to exit.
Given growth tailwinds in the hospitality business, favourable demand-supply mismatch, and the company's strategic expansion plans, analysts say investors should hold on to ITC Hotels shares to play the longer game.
ITC Hotels' listing price was around 31% lower than what was derived at a special price discovery session in ITC shares held earlier on January 6. The stock was assigned a value of around Rs 260 on the Nifty and about Rs 270 on BSE indices.
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For ITC shareholders, the total cost of acquisition of 100 shares of ITC Hotels comes to Rs 54,040, the company has informed shareholders.
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