ITC share price tumbles on new India cigarette tax — what investors watch next
ITC shares fell 8.9% in Mumbai after India raised excise duty on cigarettes, effective Feb. 1. Godfrey Phillips India dropped 14%. The finance ministry set the new levy at 2,050–8,500 rupees per 1,000 sticks, adding to a 40% GST. Brokerages warned of higher costs and possible price hikes that could pressure sales volumes.