ITC price target slashed 26% on likely cigarette price hikes

Brokerages have significantly downgraded ITC and slashed target prices following a proposed steep tax hike on tobacco products. Analysts anticipate cigarette price increases of up to 32%, warning of a potential surge in smuggled goods. The stock has seen substantial losses, with market capitalization dropping by approximately Rs 66,200 crore in just two sessions.

ITC price target slashed 26% on likely cigarette price hikes
Brokerages have significantly downgraded ITC and slashed target prices following a proposed steep tax hike on tobacco products. Analysts anticipate cigarette price increases of up to 32%, warning of a potential surge in smuggled goods. The stock has seen substantial losses, with market capitalization dropping by approximately Rs 66,200 crore in just two sessions.