Shares of ITC Limited gained strong momentum in Wednesday’s trading session, with the stock rising more than 2 percent on April 1. As of 12:26 PM IST, the stock was trading at Rs. 293.50, up Rs. 5.80 or 2.02 percent for the day. The buying interest pushed the stock higher after it earlier touched its 52-week low of Rs. 287.00 during the session. The stock had previously closed at Rs. 287.70 per share, and the current price indicates a rebound from its day’s low levels. Despite today’s rise, the stock continues to trade close to its yearly low, drawing attention from market participants tracking potential value opportunities. With a market capitalisation of around Rs. 3.60 lakh crore, ITC remains one of India’s largest diversified conglomerates, with operations spanning FMCG, cigarettes, paperboards, packaging, and agri-business segments.
Despite the day’s gain, ITC shares have faced significant pressure in the current financial year. The stock has fallen nearly 30 percent in FY26, with around 70 percent of the correction occurring in 2026 alone. The sharp sell-off has wiped out roughly Rs. 2.36 lakh crore in investor wealth during FY26. A major trigger behind the decline was the government’s move to increase taxes on cigarettes. Indirect taxes on cigarettes were raised sharply in February 2026, following the replacement of the compensation cess under GST and the introduction of higher excise duties. The policy change sparked concerns about margin pressure and demand impact for cigarette makers.
From a technical perspective, ITC shares are currently trading below all major short-term and long-term moving averages, indicating persistent weakness in the trend. The stock is also nearing the oversold zone, with its Relative Strength Index (RSI) at 30.7. Typically, an RSI reading below 30 suggests a stock may be oversold, which sometimes precedes a technical rebound. Over a longer horizon, the performance has remained subdued. ITC shares are down 29.03 percent over the last two years and 20.50 percent over the past three years.Global brokerage Goldman Sachs has recently reduced its price target on ITC to Rs. 330 from Rs. 385, while maintaining a neutral stance on the stock.