ITC shares set for worst returns in 22 years; price targets signal more downside 

ITC share price: Shares of ITC look set for their worst annual returns in at least 22 years. The cigarette and FMCG major's stock is down 30% this year. Data show that this is the worst return for the defensive stock in 22 years with just five months left for 2026. The second worst returns for ITC shareholders came in 2008 when the large cap stock fell 18%, according to Bloomberg data. ITC shares are in a downtrend with the stock almost touching the 52 week low of Rs 275 reached on June 4 this year.

In the current session, the ITC stock fell to a low of Rs 276.50 against the previous close of Rs 276.95. The FMCG stock is trading below all its key moving averages (20, 50, 100 and 200 DMA), signaling sustained weakness in the broader trend.

Market cap of the firm stood at Rs 3.46 lakh crore. ITC shares are neither oversold nor overbought on charts, with their RSI standing at 34.5.

Technical analysts are not very optimistic over the outlook of the stock.

Virat Jagad, Sr. Technical Research Analyst at Bonanza Portfolio said, "The recent breakdown from a descending channel and failure to hold above the Rs 292 resistance suggest that sellers remain in control. RSI near the 40 level reflects weak momentum, with no clear signs of a bullish reversal yet. As long as the stock remains below Rs 292, the downside risk towards Rs 264 and Rs 250 cannot be ruled out. A decisive close above Rs 292 could trigger a relief rally towards Rs 305, while sustained buying above Rs 305 may open the door for a move towards Rs 325 mark."

Hitesh Tailor, Technical Research Analyst at Choice Broking said, "ITC is witnessing a weak long-term price structure on the weekly chart, with the stock continuing to form a Lower High–Lower Low (LH-LL) pattern, indicating that the broader trend remains under pressure. The stock is facing resistance near its 20-Week EMA, while repeated selling at higher levels reflects the absence of sustained buying interest. Additionally, the RSI is showing a positive divergence, suggesting that downside momentum is gradually weakening, although a clear trend reversal is yet to be confirmed."

"The stock has broken below the crucial Rs 300 support zone, which has now turned into an immediate resistance. The next major support is placed around Rs 250–260, where buying interest could emerge. On the upside, resistance is seen at Rs 300, followed by a stronger hurdle near Rs 335. Unless the stock reclaims and sustains above Rs 300, the broader outlook is likely to remain cautious with a weak bias," added Tailor.