Published on 17/07/2017 2:35:55 PM | Source: Dion Global Solutions Ltd.

ITC slips nearly 3% on buzz over cigarettes price hike

Posted in Stock On The Move| #ITC Ltd #Stock On The Move #cigarettes

Shares of cigarettes maker ITC tanked nearly 3 per cent on the Bombay stock Exchange after media report suggested that the government may consider hiking the compensation cess on cigarettes if prices come down post the implementation of the Goods and Services Tax (GST). Reacting to media reports, shares of company declined as much as 2.89 per cent to hit intra-day low of Rs 327.45 apiece on the Bombay Stock Exchange.

The stocks were currently trading at Rs 328.45 against previous close price of Rs 337.20. In a similar fashion, shares of the company were trading 2.68 per cent lower at Rs 328.10 apiece on the National Stock Exchange. Meanwhile, the broader benchmark BSE Sensex was trading at 32,080.15, up 59.40 points, or 0.19 per cent, at 12:50 hours.