Explained: Why ITC shares fell 2% after reporting Q4 results

Shares of consumer giant ITC fell over two per cent in early trade on Wednesday. The company's shares fell today after it reported March quarter results on Tuesday. Here is all you need to know.

Shares of consumer goods giant ITC fell over 2 per cent on Wednesday after the company reported weaker net profit for the March (Q4FY21) quarter. The conglomerate’s stock was trading 2.07 per cent lower at Rs 210.80 on the National Stock Exchange at 11.05 am and was one of the biggest drag to the Nifty50 during the morning trading session. The FMCG, cigarette and hotel major reported a year-on-year net profit of Rs 3,748.41 crore for the March quarter on Tuesday. Its net profit declined slightly by 1.3 per cent on a year-on-year basis. The net profit of ITC was Rs 3,797.08 crore in the corresponding period a year ago.