India’s largest cigarette maker ITC Ltd. wiped out about $7 billion in market value after a government tax hike on tobacco products triggered a wave of brokerage downgrades.
Shares of the firm fell as much as 5.1% on Friday, touching the lowest level since February 2023 and extending a near 10% slide from the previous session. At least 11 brokerages, including Goldman Sachs Group Inc., JPMorgan Chase & Co. and Morgan Stanley, downgraded the stock after the government hiked excise duty on cigarettes this week.
www.bloomberg.com
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