ITC shares in focus as stock hits 3-year low, brokerages downgrade after steep excise duty hike on cigarettes

ITC shares slid to a three-year low after a sharp tobacco tax hike triggered widespread brokerage downgrades. Analysts warn that higher excise and GST rates could force steep price increases, hurt cigarette volumes, and compress margins, prompting target cuts and cautious outlooks despite ITC’s diversified FMCG presence.