Q1FY17 was marked by a challenging operating environment due to continuing pressure on legal cigarettes industry volumes and sluggish demand conditions in FMCG Due to lack of clarity on new rules pertaining to health warnings on the packs, ITC's cigarette factories were shut from 1st April to 15th April 2016 and from 4th May to 8th May 2016 this impacted production Our channel checks suggest that in Maharashtra (~10% of sales volume), seizure of...