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16 July, 2019 12:18 IST
ITC plunges on fears of increase in cess on tobacco
Source: IRIS | 18 Jul, 2017, 09.33AM
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FMCG major ITC witnessed a sharply fall in share price on Tuesday on fears of likely increase in cess on cigarettes.

According to reports, the Goods and Services Tax (GST) Council is likely to meet, 17 July 2017, to consider a cess on tobacco. After the rollout of GST, excise duty has automatically been removed on tobacco products. Now only GST and cess are levied on these products. GST and cess combined on cigarettes is currently 6-8% lower than pre-GST regime.

Shares of ITC (Q,N,C,F)* are trading at Rs 282.30, down Rs 43.45, or 13.34% at the Bombay Stock Exchange (BSE) on Tuesday at 9:21 a.m.

The scrip has touched an intra-day high of Rs 293.20 and low of Rs 276.90. The total volume of shares traded at the BSE is 2,327,267.

Total volume of shares traded on the bourses today was higher by 72.48% to 22,647,477 compared with 22-day average volume of 13,130,331.

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