India's ITC heads for worst week in over 8 years after new cigarette tax

ITC

02/01/2026 09:59

** ITC ITC.NS slides 13.4% this week after the Indian government imposed a new tax on cigarettes

** Co's stock logs its worst week since mid-July 2017

** Stock has fallen 13% in the last two sessions since the new tax was announced

** Brokerages turn bearish on ITC shares, see impact to volumes, earnings growth from new tax

** ITC is the biggest loser on blue-chip Nifty 50 .NSEI index that is up 1.1% for the week and hit a new record high on Friday

** While analysts' rating on stock remains "buy" on average, number of "hold" and "sell" ratings hit at least two-year high -data compiled by LSEG

** Stock dropped ~12% in 2025, snapping a four-year winning run

 (Reporting by Nandan Mandayam in Bengaluru)

 ((Nandan.Mandayam@thomsonreuters.com; Mobile: +91 9591011727;))