Up in smoke! LIC loses over ₹11,400 crore in 2 days amid 14% crash in ITC shares on tobacco tax hike
It has not been a happy New Year for ITC shareholders. The cigarettes-to-FMCG conglomerate has seen its stock tumble 14% in two days to its lowest level in three years, hurt by the government’s announcement of a steep hike in the excise duty on tobacco products. This has resulted in the overall wealth evaporation of…