ITT shares closed at 81.50, down 37.5 cents.

ITT shares, buffeted every time the company's name emerged in connection with the Garden negotiations, closed on Friday at $86.125.

ITT shares lost 81.25 cents, to $75.3125.

ITT shares, meanwhile, retreated $1.625, to $56.875, after soaring $14.75 on Monday after the bid was announced.

ITT shares dropped 4 1/8, to 82.

ITT shares, which vaulted by 34 percent on Monday, to $58.50, fell $1.625 yesterday, to $56.875.

Still, that price is also well below the $68 that ITT shares traded at as recently as June.

ITT shares fell by $1 on the New York Stock Exchange, to $109.

ITT shares, which jumped sharply on Monday, edged back today by 43.75 cents, to $75.3125, still well above Hilton's offer.

The offer, which amounts to $55 a share in cash and stock, is for 61.1 million ITT shares.