India's largest cigarette maker ITC loses ₹21,000 crore value after Budget

ITC lost about ₹21,200 crore in market value on Saturday after Finance Minister Nirmala Sitharaman proposed higher levies on cigarettes and other tobacco products. "I propose to raise excise duty, by way of National Calamity Contingent Duty," Sitharaman said in her Budget speech. Shares of India's largest cigarette maker fell 6.9%, the most since July 2017.