ITC Shares Plunge 4% On Sin Tax Recommendation of 40%

Posted By:
Subscribe to GoodReturns

Shares in ITC plunged almost 4 per cent, on reports that a committee headed by chief economic advisor Arvind Subramanian, has suggested a 40 per cent "sin/demerit" GST for tobacco and tobacco products.

ITC Shares Plunge 4% On Sin Tax Recommendation of 40%
ITC: Quotes, News
BSE 228.40BSE Quote4.95 (2.17%)
NSE 228.50NSE Quote5 (2.19%)
The stock was down 4 per cent at Rs 321 on the National Stock Exchange. Analysts believe that companies engaged in the cigarette and tobacco business will be badly hit, if the recommendations have been accepted.

ITC shares have been falling in the last six months, as analysts remain increasingly worried over the levies and taxes paid by the company. To compound worries is that the FMCG business has not been very robust and so has the hotels business.

ITC is a stock that has a heavy weightage in the Sensex and any sharp drop in the Sensex results in a drop in the share price of the company.

GoodReturns.in

Read more about: itc
Story first published: Monday, December 7, 2015, 12:05 [IST]
Please Wait while comments are loading...
Company Search
Enter the first few characters of the company's name or the NSE symbol or BSE code and click 'Go'

Thousands of Goodreturn readers receive our evening newsletter.
Have you subscribed?