ITC loses ₹50,000 crore in value on hike in cigarette cess

Shares of cigarette maker ITC today fell around 15%, set for their biggest fall in 25 years, erasing nearly ₹50,000 crore in market value. The fall came after government increased cess on cigarettes. Accordingly, tax burden on cigarettes will go up by ₹4.8-₹7.9 per 10 sticks. Other companies like Godfrey Phillips India and VST Industries declined 6% and 3%, respectively.