Shares of ITC Ltd plunged 2.53 percent in the afternoon session on Monday after the country’s largest cigarette maker reported lower-than-expected earnings as higher taxes on smokes and a government push to discourage tobacco consumption hurt business.
ITC had said late Friday that it earned Rs 2,361 crore ($371.6 million) in the January-March quarter, while analysts were expecting the company to earn Rs 2,519 crore, as per Thomson Reuters data.
The broader NSE index was trading down 0.32 per cent.