LIC’s losses mount to Rs 10,445 crore in ITC in 2 days as stock plummets 13% after tax hike

LIC has incurred losses of over Rs 10,400 crore in just two days as ITC shares plunged 14% following a steep excise duty hike on cigarettes. The tax increase triggered heavy selling and multiple broker downgrades, with analysts warning that significant price hikes may be required to offset the higher duty burden.