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%.
(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)
Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.
