ITC shares fall 2% after Q4 results. What Goldman Sachs, Morgan Stanley and others are saying?
- Posted on May 22, 2026
- By Business News Today
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- 1 min read
ITC shares fall 2% after Q4 results. What Goldman Sachs, Morgan Stanley and others are saying?
ITC shares slipped on Friday despite a 5% rise in Q4 standalone profit and strong FMCG growth. Brokerages remained cautious, with Goldman Sachs, Morgan Stanley, and Nomura flagging pressure from cigarette tax hikes. While FMCG and paper segments showed resilience, analysts expect cigarette volume decline and margin stress to weigh on earnings.
