Four cigarette stocks dropped after Finance Minister Nirmala Sitharaman said the government proposed to raise excise duty on tobacco and cigarettes.
Meanwhile, the S&P BSE Sensex was down 810.32 points or 1.99% at 39,913.17
ITC (down 6.72%), Godfrey Phillips India (down 4.56%), VST Industries (down 1.79%) and Golden Tobacco (down 0.36%) dropped.
Presenting the Union Budget 2020-21 today, 1 February 2020, Finance Minister Nirmala Sitharaman proposed to increase excise duty on tobacco and cigarettes across various lengths. As a revenue measure, I propose to raise excise duty, by way of National Calamity Contingent Duty on cigarettes and other tobacco products, Nirmala Sitharaman said. However, no change is being made in the duty rates of bidis, she said.
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