Cigarette stocks plunge: ITC slip 5%

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Cigarette stocks plunge: ITC slip 5%
Shares of the ITC plunged more than 5% on Tuesday after the Health Ministry accepted prohibition on sale of loose or single stick of cigarette.

Also, increasing the minimum legal age for sale of tobacco products, increasing the fine or penalty amounts for violation of certain provisions of the Cigarettes and Other Tobacco Products.

Other cigarettes company stocks were also trading lower, Godfrey Phillip was trading lower by 8% at Rs 2,965, Kothari Product was down by 3.75% at Rs 218. Other companies such as Golden tobacco, and NTC were also seen trading lower.

ITC shares were seen trading at Rs 357 lower by 4.57% after touching intra-day low of Rs 348.

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