What is the story about?
Mumbai: ITC Limited shares saw sharp selling pressure after the government announced a fresh increase in excise duty on cigarettes. On January 2, the stock fell more than 5 percent and touched a new 52-week
low of Rs 345.25. This marked the second straight trading session of heavy losses for the stock, following a lower circuit hit a day earlier.
The fall was quick and steep. During early trading, ITC shares broke below the previous day’s low and were trading nearly 4 percent down. The decline affected investor confidence in the diversified group, which has businesses ranging from cigarettes and FMCG to hotels and agribusiness.
