ITC’s cigarettes performance improves in Q3, but fails to light up stock Premium ITC's cigarette volumes are estimated to have declined in single digits this time around.. REUTERS/Michaela Rehle/File Photo (REUTERS) Share Via Read Full Story Shares of ITC Ltd fell close to 4% on Friday on NSE after the company’s December quarter results failed to excite investors. “ITC’s 3QFY21 earnings were muted and lower even versus our subdued expectations," said analysts from JM Financial Institutional Securities Ltd in a report on 11 February. Cigarette volumes are estimated to have declined in single digits this time around. Analysts from ICICI Securities Ltd point out, “Cigarette volume declined about 7% year-on-year in 3QFY21 (our view) - impacted by (1) price hikes (during 1HCY20), (2) urban markets are yet to return to normalcy (for the category consumption)." Nonetheless, December quarter volume performance marks an improvement from the double-digit decline in cigarette volumes seen in the previous three quarters, based on estimates by analysts.