Shares of ITC Hotels Ltd, the demerged hotels business of FMCG conglomerate ITC Ltd, listed on the stock exchanges on Wednesday.
The stock listed at Rs 188 on the BSE, while on the NSE it began the trade at Rs 180.
Later the stock declined 5 per cent to Rs 178.60 on the BSE.
At the NSE, it went lower by 3 per cent to Rs 172.
The firm's market valuation stood at Rs 39,126.02 crore.
Demerger of ITC's hotel business came into effect on January 1, 2025, with January 6 fixed as the record date. The move separated ITC Hotels from the parent entity.
Following this, the equity shares of ITC Hotels will be listed and admitted to dealings on the exchange with effect from January 29, 2025, according to a circular by the National Stock Exchange (NSE).
Separately, ITC, in a regulatory filing, informed that ITCHL received approval from the National Stock Exchange of India Ltd and BSE Ltd for listing and trading of its equity shares effective January 29, 2025.
On January 6, the BSE and NSE conducted a special trading session to discover the price for ITC hotels business post demerger.
