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ITC shares tumble as commodity costs and cigarette excise weigh

The stock has fallen 34.0% so far in 2026, after excise duty increases earlier in the year and subsequent price hikes across several cigarette brands.

Reported · Written up by our desk · Asia

LiveMint Markets reports ITC shares hit multi-year lows in 2026, with investors focused on whether higher commodity and input costs could pressure margins in the near term.

The outlet said India raised cigarette excise duty earlier in the year and ITC increased prices across several cigarette brands, efforts analysts expect to support realizations even as higher prices raise concern about a sharper decline in cigarette volumes.

LiveMint Markets also linked the decline to surging key input prices, including sugar, copra, and palm oil, which it said pushed the stock lower, with a three-year low reached in August and only a modest recovery in September.

By the end of the period covered, the shares were down 34.0% year-to-date, after dropping 20.0% in January and remaining weak in subsequent months.

Latest closeSugar $18.57 ▲6.1%

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