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ITC shares fall after lower-than-expected earnings

Reuters
A man talks on his mobile phone as he walks past an ITC office building in Kolkata September 4, 2012. REUTERS/Rupak De Chowdhuri/Files

MUMBAI (Reuters) - Shares in ITC Ltd (ITC.NS) fell 2.8 percent on Monday after India's largest cigarette maker reported lower-than-expected earnings as higher taxes on smokes and a government push to discourage tobacco consumption hurt business.

ITC said late on Friday it earned 23.61 billion rupees ($371.6 million) in the January-March quarter, while analysts were expecting the company to earn 25.19 billion rupees, as per Thomson Reuters data.

The broader Nifty was down 0.25 percent.

(Reporting by Rafael Nam; Editing by Anupama Dwivedi)