ITC faces tax shock and a bigger threat from Godfrey Phillips market share gains

Regular cigarette sales are shifting fast

A steep tax increase is set to push cigarette prices up by more than 30%, likely hitting overall volumes immediately. But ITC’s bigger headache is competitive: Godfrey Phillips is still gaining share in the regular-sized cigarette market, raising the risk that ITC’s market position worsens even as consumers adjust to higher prices.