ITC's shares experienced a decline following the release of its Q4 FY26 financial results. The company reported growth in its FMCG segment; however, a mid-quarter restructuring of cigarette taxation, effective from February 1, led analysts to flag the results as non-comparable. This tax change has introduced uncertainty regarding the cigarette business's future performance, contributing to cautious investor sentiment and selling pressure on ITC's stock. Despite the positive FMCG performance, the impact of the revised cigarette tax structure remains a key concern for market participants. The selling pressure follows the company’s 4QFY26 results which analysts broadly flagged as non-comparable due to a mid-quarter restructuring of cigarette taxation effective February 1.