Indian cigarette makers fall on report of possible hike tax

Godfrey Phillips India

20/02/2025 03:53

** Shares of cigarette makers ITC  ITC.NS  and Godfrey
Phillips  GDFR.NS  drop 1.9% and 2.3%, respectively
    ** India could consider hiking goods and service tax on
cigarettes from 28% to 40%, ET reports, citing officials
    ** ITC top loser on Nifty 50  .NSEI  index
    ** ITC has fallen 12.5% YTD vs a 3.3% decline in the Nifty
    ** GDFR shares still up ~22% YTD

 (Reporting by Sethuraman NR in Bengaluru)
 ((Sethuraman.NR@thomsonreuters.com; (+91 9945291420); Reuters
Messaging: nallur.sethuraman.thomsonreuters.com@reuters.net))