Can one tax shock drag ITC back to its meme-stock years? Q4 may have the first answer
Published on: May 19, 2026, 11:46 p.m. | Source: The Economic Times
Between 2017 and 2022, ITC was the markets favourite joke for a reason. The indices moved, new-age stocks rose, consumer firms were re-rated, and even cyclical businesses found their moment. ITC, meanwhile, stayed trapped in a narrow band, weighed down by cigarette-tax worries, ESG discomfort, slow FMCG margin delivery, and the drag of a capital-heavy hotels business. The stock became a meme not because the company was weak, but because the market stopped believing that its cash engine could translate into shareholder returns. That memory matters again.
