By PTI
NEW DELHI: Smoking to become an expensive habit as the custom duty on cigarettes have been increased, Taxes on cigarettes will be hiked by 16 per cent. The announcement was made at the Union budget presentation on Wednesday by Finance Minister Nirmala Sitharaman.
Shares of cigarette companies, including Godfrey Phillips India and ITC Ltd, plunged by up to 5 per cent on the BSE on Wednesday after Finance Minister Nirmala Sitharaman announced a hike in taxes on cigarettes in the Union Budget.
The stock of Godfrey Phillips slumped as much as 4.92 per cent to Rs 1,828.75 on the BSE, while Golden Tobacco declined 3.81 per cent to Rs 59.4.
Shares of ITC were trading 0.78 per cent lower at Rs 349 on the bourse.
NTC Industries dropped 1.4 per cent and VST Industries slipped 0.35 per cent.
NEW DELHI: Smoking to become an expensive habit as the custom duty on cigarettes have been increased, Taxes on cigarettes will be hiked by 16 per cent. The announcement was made at the Union budget presentation on Wednesday by Finance Minister Nirmala Sitharaman.
Shares of cigarette companies, including Godfrey Phillips India and ITC Ltd, plunged by up to 5 per cent on the BSE on Wednesday after Finance Minister Nirmala Sitharaman announced a hike in taxes on cigarettes in the Union Budget.
The stock of Godfrey Phillips slumped as much as 4.92 per cent to Rs 1,828.75 on the BSE, while Golden Tobacco declined 3.81 per cent to Rs 59.4.
Shares of ITC were trading 0.78 per cent lower at Rs 349 on the bourse.
NTC Industries dropped 1.4 per cent and VST Industries slipped 0.35 per cent.
