ITC slides to three-year low as tobacco excise hike prompts brokerage downgrades

January 3, 2026

ITC shares plummeted to a three-year low following a government excise duty hike on tobacco products. Brokerages downgraded the stock, citing fears of dampened cigarette demand and significant impact on profitability. Investors are advised to wait for clarity on price hikes and volume trends before considering buying.

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