Union Budget 2023: Tax on Cigarettes Hiked by 16%, Companies' Share Prices Fall
Shares of cigarette companies, including Godfrey Phillips India and ITC Ltd, plunged by up to 5% on the BSE on Wednesday after Finance Minister Nirmala Sitharaman announced a hike in taxes on cigarettes in the Union Budget.
New Delhi: Shares of cigarette companies, including Godfrey Phillips India and ITC Ltd, plunged by up to 5% 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% to ₹ 1,828.75 on the BSE, while Golden Tobacco declined 3.81% to ₹ 59.4.
Shares of ITC were trading 0.78% lower at ₹ 349 on the bourse.
NTC Industries dropped 1.4 per cent and VST Industries slipped 0.35 per cent.
In her Budget speech, the finance minister announced a hike in taxes on cigarettes by 16%.
Original News: Budget 2023 | Press Trust of India
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