ITC share price tumbles on new India cigarette tax — what investors watch next
NEW YORK, January 1, 2026, 03:07 ET — Market closed ITC Ltd (ITC.NS) fell sharply on Thursday, with the stock last down 8.9% at 367.10 rupees after India notified a higher excise duty on cigarettes. The shares traded between 402.30 and 362.70 rupees. mint The tax shock matters because it feeds directly into retail cigarette prices, and higher prices can curb consumption. Investors also watch whether the gap between legal and illegal prices widens, lifting the illicit market and squeezing reported volumes. India’s finance ministry late on Wednesday set an excise duty — a tax charged on specific goods —