ITC loses about ₹21,200 crore in market value after Budget 2020
By MYBRANDBOOK
Shares of cigarette and other tobacco-related firms declined up to 7 per cent trade. As Finance Minister Nirmala Sitharaman proposed higher levies on cigarettes and other tobacco products, ITC Ltd. faces big loss. Sitharaman has said to put higher taxes on so-called sin goods which will help the Indian government bolster its exchequer and bridge a widening fiscal deficit. Shares of India’s largest cigarette maker ITC fell 6.9% to 219 rupees a piece during Mumbai trading. Rival Godfrey Phillips India Ltd., maker of Red & White and Four Square cigarette brands, also slipped 6.5%.
Although the government hasn’t tweaked the duty rates of bidis, the government is taxing the sin goods in the hands of those who can afford to pay the higher price.
ITC has been on diversification drive and entering fast moving consumer goods ranging from instant noodles to incense sticks, cigarettes still contribute the largest chunk to its revenues.
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