Business

Budget 2023: Stocks of cigarette companies slump on hike in taxes

NewsDrum Desk

01 Feb 2023 12:53 IST

New Update

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New Delhi: 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.

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The stock of Godfrey Phillips slumped as much as 4.92 percent 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.

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In her Budget speech, the finance minister announced a hike in taxes on cigarettes by 16 per cent.

ITC Budget Finance Minister Nirmala Sitharaman Union Budget Cigarette ITC Ltd Budget Speech Shares of cigarette companies Godfrey Phillips India hike in taxes on cigarettes NTC Industrie

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