ITC Shares Plunge 10% on New Excise Duty; Major Funds Exposed

• ITC shares crashed 10% on January 1 after the government imposed a new excise duty on cigarettes.
• The stock fell to Rs 362.70, impacting 46 mutual funds holding 14.30% stake, including SBI MF and ICICI Prudential MF.
• LIC holds 15.86%, GIC 1.73%, and The New India Assurance Company Limited 1.4% stake in ITC.
• Foreign investor GQG Partners Emerging Markets Equity Fund holds over 2% stake.
• GQG CIO Rajiv Jain previously called ITC "incredibly attractive," but experts foresee near-term volatility due to regulatory changes.

Why It Matters: ITC shares plunged due to new excise duty, affecting major institutional investors despite prior positive outlooks.