Shares of cigarette, tobacco and pan masala companies came under sharp selling pressure on Thursday, January 1, after the government formally notified a new tax regime for these products.
Stocks such as ITC and Godfrey Phillips India were among the worst hit, with investors reacting to the confirmation that additional excise duty on tobacco products and a new cess on pan masala will come into force from February 1, 2026.
WHAT TRIGGERED THE FALL IN TOBACCO STOCKS
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