Stocks of cigarette cos slump on hike in taxes

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 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.

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