ITC was the biggest loser on the Nifty 50 index and also led declines on the FMCG index, which was trading 0.6% lower.
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RUPAK DE CHOWDHURI
Shares of Indian tobacco companies fell on Thursday after the government imposed a new excise duty on cigarettes, making them costlier for an estimated 100 million smokers in the world’s most populous country.
ITC, maker of Gold Flake and the market leader, dropped 2 per cent, while Godfrey Phillips India, the distributor of Marlboro in India, declined 4.1 per cent.
ITC was the biggest loser on the Nifty 50 index and also led declines on the FMCG index, which was trading 0.6 per cent lower.
The finance ministry late on Wednesday notified an excise duty of ₹2,050–8,500 ($22.82–$94.60) per 1,000 sticks, depending on cigarette length, effective February 1.
Published on January 1, 2026
Source: https://www.thehindubusinessline.com/markets/stock-markets/tobacco-stocks-tumble-as-govt-imposes-new-excise-duty-on-cigarettes/article70459370.ece
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