ITC shares have fallen 14% over two days following the government's imposition of excise duty on cigarettes, which is expected to increase prices and potentially reduce volumes. This decline contrasts with GQG Partners CIO Rajiv Jain's assessment two years ago, who then described ITC as a "great growth story" with an "incredibly attractive" valuation, anticipating lower double-digit earnings growth. Despite the recent drop, GQG Partners has increased its stake in ITC.