ITC shares fall 10%: SBI and PPFAS Mutual Fund among 8 AMC to have over 10 crore shares before crash

The shares of ITC fell nearly 10% on January 1 to the day’s low of Rs 362.70 on the BSE from the day’s high of Rs 402.30 after the Finance Ministry notified February 1 as the date from which additional excise duty will be levied on tobacco products.

The Finance Ministry late on Wednesday notified an excise duty of Rs 2,050 to Rs 8,500 per 1,000 sticks, depending on cigarette length, effective February 1.

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According to the shareholding pattern of ITC on the BSE as of the September 2025 quarter, the entire 100% stake in the company is held by public shareholders, with no promoter or promoter group holding.

Data from ACE MF shows that mutual funds held 195 crore shares worth a market value of Rs 78,952.33 crore as of November 2025. Around 48 AMCs had the stock in their portfolios, including Altiva SIF. As of November 28, 2025, SBI Mutual Fund held the highest number of shares, around 41.15 crore, with a market value of Rs 16,638 crore.

ICICI Prudential Mutual Fund and Nippon India Mutual Fund held 33.71 crore and 18.02 crore shares, respectively. PPFAS Mutual Fund had 15.55 crore shares of ITC in its portfolio, valued at Rs 6,290 crore.

HDFC Mutual Fund and Kotak Mutual Fund were the other fund houses with over 10 crore shares in their portfolios, holding 13.42 crore and 10.55 crore shares, respectively. Edelweiss Mutual Fund held 1.44 crore shares of ITC during the same period.

Quant Mutual Fund had 1.28 crore shares in its portfolio. JioBlackRock Mutual Fund, a new entrant in the industry, held 9.35 lakh shares, while Zerodha Mutual Fund held 5.90 lakh shares. Another new entrant, The Wealth Company Mutual Fund, held 1.15 lakh shares of ITC in November.

Samco Mutual Fund had around 49,600 shares of ITC in its portfolio. Altiva SIF by Edelweiss Mutual Fund was the last on the list to own ITC shares, with 32,000 shares in its portfolio.

ITC share price

Over the last two years, ITC shares have declined 17.66%, while over the past year they have fallen 20.50%. In the last one month and three months, the stock has declined by over 10% each.

According to a report by ETMarkets, the new levies on tobacco and pan masala will be over and above the GST rate and will replace the compensation cess currently levied on such sin goods. The GST compensation cess, which is applied at varied rates, will cease to exist effective February 1.

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Pan masala, cigarettes, tobacco and similar products will attract a GST rate of 40%, while biris will attract 18% Goods and Services Tax (GST), according to a government notification.

In addition, a Health and National Security Cess will be levied on pan masala, while tobacco and related products will attract additional excise duty. These higher levies could impact cigarette manufacturers such as ITC, as they may be compelled to raise prices.