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ITC Slumps as Government Imposes Fresh Measures in Cigarette Sales
Shares in tobacco to hotels major, ITC declined over 3 per cent after the Government moved to amend the anti-smoking law and proposed drastic changes, including a ban on sale of loose cigarettes and raising the minimum age of a person buying tobacco products to 21 years from the existing 18.
Shares in the company were last trading at Rs 350, down almost 2.8 per cent over Tuesday's close. Dealers say that the decision may impact the company's financial performance, as the company still gets a bulk of its revenues from the sale of cigarettes.
Over the last few years ITC has diversified and reliance on the sale of cigarettes has gradually dropped. The company today has a significant presence in the FMCG space, hotels, paper etc.
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