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The decision by ITC to increase the retail prices of its two best-selling brands – Navy Cut and Gold Flake – by 14% could dent sales in the near term as smokers might switch over to other brands. This comes at a time when cigarette sales are already aggravated by demonetisation.
According to cigarette retailers across the country, sales of these two brands have declined 20-30% after the price hike but uncertainty over future sales volume looms in the era of demonetisation.
“Cigarette sales normally fall in the first fortnight after a price hike is announced and then returns to
