ITC hit by cigarette tax shock! Brokerages downgrade stock as hike darkens outlook. Should you buy, sell or hold?
ITC shares plummeted to a three-year low following a surprise government hike in cigarette excise duties. Brokerages have downgraded the stock, citing concerns over volume and margin pressure due to significant price increases required to offset the tax shock. Analysts anticipate a reset in valuation multiples for the company's biggest profit driver.
