ITC is back on a losing spree and once again, blame it all on the Govt and the approaching Budget. It is seasonal to that extent – every time around the Budget, the fear of another hike in excise duty almost always pulls down the stock price. Thus February is seasonally never the best month for ITC.

The stock has been consistently hitting new lows. The stock, on 16^th hit a new 52-week low at Rs.293.65 and on 17^th at Rs.289.05. Today it has not yet hit a low but is currently the top loser on the BSE, down 3% at Rs.293 levels.

Today, there are unconfirmed reports that the health ministry, along with the World Health Organisation might go for a hike in taxes across all tobacco products to the tune of 40%. This plus the oncoming Budget has got the industry worried.