ITC Shares Plunge to 33-Month Low Amid Excise Duty Hike, Block Deal Pressure

• ITC shares plummeted to a 33-month low of ₹379.00, down 5.92% on BSE, marking a one-year record low.
• The decline was triggered by the government's 40% excise duty hike on cigarettes, tobacco, and bidis, effective February 1.
• Cigarette business contributes significantly, accounting for 48% of ITC's revenue in the September quarter.
• A large block deal involving 4 crore shares (0.3% equity) worth ₹1,614.5 crore also added selling pressure.
• Despite the fall, 34 out of 36 analysts recommend 'buy' for ITC, with a highest target price of ₹567.

Why It Matters: ITC shares hit a 33-month low due to increased excise duty on cigarettes and a significant block deal.