ITC market cap dips below ₹3.4 lakh crore after 34% drop in 2026

ITC shares saw a 34% drop so far in 2026, wiping out ₹1.72 lakh crore in market capitalization to close at ₹3.32 lakh crore on Tuesday.

The stock decline was driven by investor concerns that elevated commodity prices, input costs, and higher excise duty on cigarettes could hurt profit margins.

Despite the weakness, brokerage firms 360 ONE Capital Research and Nomura maintained 'buy' ratings on the Nifty 50 stock.