Fri Jan 02 07:24:54 UTC 2026: Okay, here’s a summary and a news article based on the provided text:
Summary:
ITC Ltd.’s stock price experienced its largest drop in almost six years due to investor concerns about the impact of a new, higher tax on tobacco products, given that ITC is India’s largest cigarette manufacturer.
News Article:
ITC Shares Plunge on Tobacco Tax Hike Fears
Mumbai, India – Shares of ITC Ltd. plummeted today, suffering their steepest decline in almost six years, after the government announced a hike in taxes on tobacco products. The news sent investors into a sell-off, fearing the impact of the increased levy on the profitability of India’s largest cigarette manufacturer.
The stock price nosedived, reflecting market anxieties about the potential reduction in demand for ITC’s cigarette brands and the subsequent hit to the company’s bottom line. Analysts are closely monitoring the situation to assess the long-term effects of the tax increase on ITC’s market share and financial performance. While details of the exact tax increase are pending, the market’s immediate reaction underscores the significant reliance of ITC on its tobacco business and the sensitivity of the stock to regulatory changes in the sector.
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