Kathmandu. The central government of India has announced excise duty on cigarettes. It will come into effect from February 2026.
This is in addition to the 40 per cent GST on cigarettes and tobacco products. After this decision, the shares of cigarette manufacturers in India have fallen sharply. Shares of Godfrey Phillips and ITC Ltd fell more than 20 per cent in two days.
ITC’s share price fell 10 per cent on Thursday and was trading 4 per cent lower at Rs 349 per share on Friday. This sharp decline has caused significant losses for investors. LIC also has a large investment in India’s ITC. As a result, LIC India has suffered a huge loss in 2 days.
As of September 30, the second largest shareholder LIC holds 15.86 per cent stake in India’s ITC. As a result, LIC India’s assets have decreased by about Rs 105 billion in 2 days.
On Wednesday, LIC India’s stake in ITC declined from Rs 80.79 billion to Rs 694.98 billion. In the last two days, the Indian rupee has lost by Rs 105.58 billion. LIC India has maintained its stake in ITC in the range of at least 15-16% since 2017.
ITC’s market capitalization also declined to Rs 4.559 trillion. The share price also touched its lowest level of Rs 345.25 per share today. ITC’s share price hit a 52-week high of Rs 471.50. –Agency
