Shares in India's biggest cigarette maker ITC fell as much as 2.7 percent on concerns that anti-tobacco marketing laws globally might be emulated in India as well, dealers say.
As India follows the rest of the world in adopting anti-smoking regulations, ITC's core tobacco business is getting squeezed and it is venturing into dairy products, drinks and perhaps even healthy breakfast foods to try to expand its money-losing consumer products business.
Analysts say that it will be hard for ITC to build market share in consumer products as each sub-segment of this category already has a leader ready to protect its market share.
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