The Times of India News

Tax shock: ITC shares hits 3-year low after cigarette duty hike; what brokers fear next

ITC shares plummeted to a three-year low following a significant cigarette tax hike, prompting widespread analyst downgrades. The steep increase, effective February 1, necessitates substantial price hikes, potentially impacting volumes and profitability. Concerns over illicit trade re-emerging are also a key worry for investors.