GST Impact : Brokerages cut ITC Rating

Un usual for ITC shares traded 11.44% down due to GST impact as Brokerages were pessimistic on the outlook for ITC Ltd after the GST Council yesterday in an unusual move raised the cess on cigarettes, following the implementation of GST earlier this month. ITC shares were trading down 11.44% at Rs 288.5 on BSE.

The fall in ITC shares today was the biggest intraday decline in at least five years and wiped out Rs 45,000 crore from the market of the cigarettes-to-FMCG giant.

Research and brokerage firm CLSA cut its rating on ITC to ‘Sell’ citing “GST impact” while reducing the price target sharply to Rs 285 from Rs 417. 

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