New Delhi, July 23 -- ITC Ltd, India's largest cigarette maker, said it is taking steps to contain the fallout of a tax hike in February that increased illicit trade in the tobacco product and sent the company's share price tumbling.

"The approach we're taking is calibrated pricing, at the same time raising (the issue) with industry bodies," Sanjiv Puri, chairman and managing director of ITC, told shareholders, addressing their queries on the company's share performance. "At the same time, we are rearchitecting the portfolio, and you will see a lot of innovations in the market, a lot of new SKUs in the market, to enable rearchitecting of the portfolio."

Puri did not elaborate on the measures that ITC plans to take.

Additional excise du...