ITC, Godfrey Phillips shares fall as govt imposes new excise duty

Shares of ITC declined to their lowest level in nearly three years on Thursday after the government announced an increase in excise duty on cigarettes and other products. ITC shares fell 7.80% to 371.55 while Godfrey Phillips India shares fell 10.47% to 2,473.20. The central government has imposed an additional excise duty, which will be effective from February 1.