Shares of FMCG major ITC witnessed a steep fall for the third straight day on Thursday, March 19, falling another 1% to the day’s low of ₹299.10 apiece. The stock was last seen at this level in August 2022.Today’s decline has taken the stock’s fall to 4.5% in March so far and a sharp 25.66% on a year-to-date basis. After closing 2025 with a 12% drop, the stock extended its weak trend into 2026, falling 21% in January, followed by another 3% decline in the subsequent month.
The additional excise duty on cigarette prices, along with muted performance in the December quarter, coupled with target price cuts by brokerages and rising competition, has dented investor sentiment, making the stock one of the worst performers among Nifty 50 constituents in 2026 so far.At its peak of ₹498.85 apiece, the company was valued at ₹6,25,144 crore. Taking today’s low into account, the stock is trading 40% below its record high and 26% lower than its 2026 high of ₹402.70 apiece. LIC was one of the largest shareholders in ITC, with a 15.69% stake in the company at the end of the December quarter, resulting in significant wealth erosion.
ITC, which generates the majority of its revenue from the cigarette business, posted a consolidated net profit of ₹5,018 crore in Q3FY26, largely unchanged from ₹5,013 crore in the same period last year. The net profit was impacted by both a rise in raw material costs and a one-time charge of ₹354.58 crore related to the country's new labour codes. Its consolidated revenue from operations stood at ₹21,706 crore, up 6.7% YoY from ₹20,349 crore reported in the June 2024 quarter. At the operating level, the company posted an EBITDA of ₹6,882 crore, marking an 8.17% YoY growth from ₹6,362 crore, while margins have improved by 50 basis points to 31.7%.
Indian equity markets witnessed a sharp sell-off on Thursday, March 19, closing over 3% lower on the auspicious occasion of Gudi Padwa. The BSE Sensex plunged 2,497 points, or 3.26%, to settle at 74,207, while the NSE Nifty 50 dropped 776 points, or 3.26%, to end at 23,002. The steep fall resulted in a massive erosion of investor wealth, with nearly ₹12 lakh crore wiped out in a single session amid global uncertainties, rising crude oil prices, and sustained foreign investor selling.