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Cigarette Makers’ Stocks Plummet as Government Imposes New Excise Duty

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Mumbai, Jan 1 (IANS) Shares of major cigarette makers fell sharply on Thursday after the government announced to slap a fresh excise duty on cigarettes next month, a move that is expected to push up prices and impact sales. Stocks of ITC and Godfrey Phillips dropped by as much as 19 per cent during the intra-day’s trade on Thursday.According to a government order, the new excise duty will come into effect from February 1.The duty has been fixed in the range of Rs 2,050 to Rs 8,500 per thousand…