ITC continues decline, hits 3-year low; slips 15% so far in February

Last week, ITC increased cigarette prices by 10-20 per cent across some of its brands in all of its markets.

Shares of cigarette major ITC were trading lower for the fourth straight day at Rs 200.50, down 2 per cent on the BSE on Tuesday on concerns of earnings growth due to demand slowdown. The stock hit over three-year low and was trading at its lowest level since February 29, 2016.

Thus far in February, ITC has underperformed the market by falling 15 per cent after the hike in the National Calamity Contingency Duty (NCCD) announced in the Union Budget this year. In comparison, the benchmark S&P BSE Sensex has slipped marginally by 0.22 per cent.

Last week,