On March 19, 2026, ITC's share price slipped below ₹300 for the first time since August 2022, closing at ₹299.10 amid a broader Indian market collapse that erased nearly ₹12 lakh crore in a single session. The descent reflects a convergence of forces — government excise pressure on cigarettes, disappointing earnings, and the restless withdrawal of foreign capital — that together have stripped 40% from the stock's peak value. In the long arc of markets, such moments remind us that even the most established enterprises are not immune to the slow accumulation of headwinds, and that confidence, on
Lokmat Times
· Mar 19, 2026
· economy
· 2 min read
High
Sourcing: Verified
ITC Shares Plunge Below ₹300 Amid Broader Market Selloff and Excise Duty Concerns
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Economy & Finance
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Economic Lens
📈
ITC shares plunged 25.66% YTD to ₹299.10 amid excise duty hikes, weak Q3 results, and broad market selloff, eroding shareholder wealth significantly.
Market Signal
bearish
Confidence
HIGH
FMCG/Consumer Goods
Tobacco & Cigarettes
Insurance (LIC exposure)
Broader Equity Markets
Excise duty hikes on cigarettes likely to increase consumer prices for tobacco products; broader market selloff may reduce household wealth and consumer spending confidence.
Government excise duty increases on cigarettes appear to be achieving public health objectives but creating market volatility; potential need for policy clarity on future tobacco taxation to stabilize investor sentiment and corporate planning.
Bias & Framing
⚖
Article presents factual stock decline data with balanced attribution to multiple factors (excise duty, earnings, market conditions), though framing emphasizes negative performance metrics.
Bias Direction
center
Confidence
MED
Negative framing through accumulation of decline metrics (3rd consecutive day, 25.66% YTD drop, 40% below peak) while providing contextual business fundamentals. Uses comparative language ('steep fall', 'worst performers') that emphasizes underperformance.
steep fall
dented investor sentiment
significant wealth erosion
muted performance
weak trend
ITC management's response or outlook statement
Analyst opinions on valuation attractiveness at current levels
Comparison to peer FMCG company performance
Long-term investor perspective or contrarian view
Impact on employees or supply chain stakeholders
Geopolitical Impact
🌎
ITC stock collapse reflects domestic Indian fiscal policy (excise duties) and market volatility, with limited direct geopolitical implications but signaling potential economic headwinds in South Asia's largest economy.
Escalation Risk
low
Confidence
MED
India
South Asia
Primarily a domestic economic issue. However, ITC's weakness may indicate investor confidence concerns in Indian equities, potentially affecting India's attractiveness as an emerging market investment destination relative to competitors like Vietnam or Indonesia in FMCG/tobacco sectors.
Similar to tobacco industry downturns in developed markets (US, EU) following excise hikes in 2000s-2010s, but India's context differs due to emerging market status and revenue dependency on cigarettes.