There could much further downside to the recent crash in ITC stock prices, here’s why:
Today a majority of smokers smoke outside of their homes and family, when in work people take break from work or for lunch and have a puff or two. These are not die hard smokers, they can easily do without cigarettes. Now as the workplace for many people has shifted to home this has completely stopped.
I can see 60-70% revenue drop from cigarettes for ITC which normally constitutes 40% of total revenue. And this will get reflected in the coming quarter results. So brace yourself for further downside, Q3 results are coming!!