Why 'gqg' Trended in India: Decoding the ₹9,395 Crore ITC Block Deal

The term “gqg” spiked in search interest on Google Trends India on 8 October 2026, following a massive share transaction involving ITC Ltd. For retail investors, the trend refers to GQG Partners, a prominent US-based investment firm, which offloaded a significant portion of its holdings in the Indian FMCG giant through a block deal.

Who is GQG Partners?

GQG, which stands for Global Quality Growth, is an investment boutique specializing in long-only equities. According to its official website, the firm is led by Founder and CIO Rajiv Jain and manages more than US$150 billion in assets across various strategies, including Emerging Markets and International equities.

The ₹9,395 Crore ITC Transaction

On 8 October 2026, the GQG Partners Emerging Markets Equity Fund sold 36.51 crore shares of ITC. As reported by The Economic Times, these shares were traded at ₹257.35 per share, totaling approximately ₹9,395 crore. When including other sellers like Alliance Witan Plc, the total value of the block deal reached nearly ₹9,437 crore.

A block deal is a large-scale transaction executed outside the regular trading window to prevent extreme price volatility that would occur if such a volume were sold on the open market. In this instance, the shares were absorbed by a mix of global and domestic institutional buyers.

Major Buyers of ITC Shares

Institutional Buyer	Shares Purchased	Approximate Value
Fidelity Advisor Overseas Fund	13.4 crore	₹3,448 crore
ICICI Prudential Mutual Fund	9.4 crore	₹2,419 crore
SBI Mutual Fund	3.76 crore	₹968 crore
Nippon India Mutual Fund	Not specified	₹696 crore

Market Context: Why the Sale Happened Now

The exit came during a period of volatility for ITC. By October 2026, the stock had declined nearly 30% within the year. Market analysts attributed this slump to a combination of sluggish volume recovery and investor anxiety regarding cigarette taxation.

Despite the sell-off by GQG, some brokerages remained optimistic. HDFC Securities maintained an “Add” rating with a target price of ₹300, suggesting that the company's phased approach to price hikes following tax increases was a strategic move. Additionally, Jefferies highlighted the potential of ITC Hotels, noting a shift toward an asset-light model to improve capital returns.

What This Means for Investors

The buyer mix is a critical signal for the market. While a major foreign fund (GQG) exited, the fact that heavyweights like SBI and ICICI Prudential Mutual Fund stepped in to buy suggests that domestic institutions viewed the ₹257.35 price point as an attractive entry level. This transition from foreign to domestic ownership often signals a shift in who is providing the primary support for the stock's valuation.

The search spike for “gqg” on Google Trends India—which saw roughly 1,000 searches and 50% growth—reflects the market's reaction to this institutional reshuffle rather than a change in ITC's fundamental business operations.