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.
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.
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