India’s largest cigarette maker ITC Ltd. wiped out nearly $7 billion (~ ₹63,000 crore) in market capitalisation after the government’s cigarette “tax shock” stoked concerns on profitability. ITC is India’s largest cigarette maker, deriving more than 40% revenue from the product. (Reuters) ITC’s share price fell as much as 5.11% to ₹345.35—the lowest since February […]
