New Delhi, Sept. 29 -- Diversified conglomerate ITC saw its shares continue to crash on Dalal Street in 2026, hitting multi-year lows as investors appeared to be worried that elevated commodity prices and input costs could hit the company's margins in the near term, with analysts expecting more price hikes to protect margins and the top line.

The Government of India earlier this year imposed a higher excise duty on cigarettes, while ITC has raised prices across several cigarette brands. Although this is expected to improve realizations, the Street remains worried that higher prices could result in a sharper decline in cigarette volumes.

Following the excise duty setback, surging key input prices, such as sugar, copra and palm oil, have ...