There are no absolutes in the stock market. I have learnt this lesson multiple times in multiple ways 
So painting ITC as an absolute disaster is wrong. At some price, it becomes a great stock, at some price it becomes a bad investment. I think the dividend angle mentioned above is real. I bought a huge chunk of ITC around 200 and have part exited around 380 levels and will continue to hold the rest forever as it’s a great investment at this price point.
As a part-time investor, my mantra for investing has always been “bad times make a good investment”, it is better to buy headline companies like ITC (or other nifty stocks) when they are hopelessly down rather than try to break your head over analyzing a vast conglomerate and ascribe a ‘correct’ price to it.
Disc: long since lower levels, significant part of my portfolio.
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