ITC scrip falls 3% after hotel biz demerger news

New Delhi: The ITC stock slumped more than 3 per cent after the news of hotels business demerger. The stock was down 3.37 per cent at Rs 473 on the BSE. The Board of Directors of ITC Limited at its meeting held on Monday evaluated and discussed various alternative structures for the hotels business towards crafting the next horizon of growth as also enhancing value creation for all stakeholders. The Board noted that the hotels business had matured over the years and is well poised to chart its own growth path as a separate entity in the fast-growing hospitality industry with sharper focus on the business and an optimal capital structure.