ITC Shares Plummet on Steep Tobacco Tax Hike, Brokerages Downgrade

ITC shares plunged to a three-year low following a significant excise duty hike on tobacco products announced by the Indian government. Brokerage firms downgraded the stock, citing concerns over profitability, demand, and potential price increases. The Federation of All India Farmer Associations (FAIFA) has urged a rollback of the tax hike.

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