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Shares in ITC Ltd have fallen 0.6 per cent following a downgrade by Nomura Securities.
The stock has been downgraded to "neutral" from "buy" and its price target has been cut to Rs 372 from Rs 392.
The company's cigarette business is now entering a period of much lower growth than in the past decade, says Nomura.
The tougher regulatory environment means there will continue to be negative news flow around the stock over the next few quarters, Nomura says.
Nomura says the cigarette business growth is more likely to be 10 per cent versus an average of 17 per cent in the past decade.
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