Budget 2023: Tax On Cigarettes Hiked By 16%, Companies' Share Prices Fall | Sharefundss
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Budget 2023: Tax On Cigarettes Hiked By 16%, Companies’ Share Prices Fall

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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 Rs 1,828.75 on the BSE, while Golden Tobacco declined 3.81% to Rs 59.4.

Shares of ITC were trading 0.78% lower at Rs 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%.

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