Stock Market Budget 2023 Cigarette Stocks Plunge After 16 Percent Tax Hike

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Cigarette Stocks Plunge After Budget Speech: Shares of other cigarette companies, including Godfrey Phillips India Limited and ITC Share Limited, traded on the BSE on Wednesday after Finance Minister Nirmala Sitharaman announced a cigarette tax increase in the budget for the fiscal year. 2023-24 (stocks) broke up to five percent.

The shares of these cigarette companies broke
Godfrey Phillips shares fell 4.92 percent to Rs 1,828.75, while Golden Tobacco was down 3.81 percent at Rs 59.4 on the BSE. At the same time, ITC’s share fell 0.78 percent to Rs 349. NTC Industries dipped as much as 1.4 percent and VST Industries dipped 0.35 percent.

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What is the ad?
We tell you that in the Budget 2023 speech, Finance Minister Nirmala Sitharaman has announced to increase the cigarette tax in the budget. The Minister of Finance has announced a 16 per cent increase in the tax on cigarettes.


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