BackITC falls over 8% on excise duty hike in Budget 2015
Cigarettes more than 65mm in length will pay 15% more excise duty; excise duty on tobacco increased to Rs70 per kg from Rs60 per kg
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Mumbai: Shares of ITC Ltd fell as much as 11% before closing 8% down on Saturday after finance minister Arun Jaitley increased excise duty by 25% on cigarettes up to 65mm in length.
Cigarettes more then 65mm in length will pay 15% more excise duty. Excise duty on tobacco increased to ₹ 70 per kg from ₹ 60 per kg.
ITC shares closed 8.3% lower at ₹ 361.25 apiece, while India’s benchmark Sensex rose 0.5% to 29,361.50 points.
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Published: 28 Feb 2015, 01:21 PM IST
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