Tobacco stocks tumble! New GST rates for sin goods weigh down shares; ITC falls 8%, Godfrey down Rs 400

Tobacco stocks experienced a sharp decline as the finance ministry formalized February 1st as the date for imposing additional excise duty on tobacco products and a health cess on pan masala. This move, replacing the existing GST compensation cess, will necessitate price increases for major cigarette manufacturers like ITC and Godfrey Phillips India. https://ift.tt/sxKqanQ