ITC Shares Plunge After Excise Hike; LIC Loses ₹110 Billion

• ITC shares fell 4% on Friday, extending losses after Thursday's sharp sell-off due to an excise duty hike on cigarettes.
• The company received at least seven downgrades and sharp price target cuts following the news.
• ITC has 3.6 million retail shareholders (11.2% stake) and a growing mutual fund stake (14.3% from 12.8%).
• Life Insurance Corporation of India (LIC) is the largest public shareholder with a 15.86% stake, losing ₹110 billion in value.
• Other major shareholders include SUUTI (7.78%) and GQG Partners funds (2.1%, 1.65%).

Why It Matters: ITC faces significant stock decline and downgrades due to excise hike, impacting major shareholders like LIC.