ITC Shares Plunge to 34-Month Low Amid Excise Hike, Block Deal

• ITC shares fell to a nearly three-year low on Thursday due to a cigarette excise duty hike and a significant block deal.
• The government notified a 40% GST on Tobacco, Cigarettes, and Bidis, effective February 1, 2026, including a 28% tax plus subsumed Excise and NCCD.
• A block deal saw over 4 crore shares (0.3% of equity) change hands for ₹1,614.5 crore at ₹400 per share.
• The stock fell nearly 9% on Thursday, trading 10% lower at ₹362.7, marking its biggest single-day drop since March 2020.
• ITC's cigarette business contributed 48% to its Q3 topline, with revenue growing 6.7% and volumes 6%.

Why It Matters: ITC shares hit a 34-month low following a cigarette excise duty hike and a major block deal.