Stocks

ITC stock plunges on worries govt will raise excise duty

Reuters | Updated on January 20, 2018 Published on February 22, 2016

Shares ITC today fell on worries that the government will raise the excise duty.

The stock plunged 2.5 per cent on worries that the government will raise excise duties for cigarettes in 2016-17 Budget due on February 29.

Deutsche Bank expects 5 per cent increase in excise duty.

ITC has lost nearly a quarter of its value from an all-time high hit in Feb 2015, in part due to higher duties.

StarMine Intrinsic Valuation model pegs the fair value at Rs 287.55, below the current levels of Rs 304.

Published on February 22, 2016
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