Godfrey Phillips Ltd and ITC Ltd witnessed significant stock market declines as investors reacted to the government’s announcement of an additional excise duty on tobacco products, set to come into effect from February 1. Godfrey Phillips shares dropped over 15%, while ITC recorded a decline exceeding 9%, reflecting concerns over potential pressure on margins and sales volumes in the country’s tobacco sector.The Ministry of Finance confirmed that the revised excise structure will apply to all manufactured cigarettes and other tobacco products. Analysts and investors immediately assessed the impact, noting that increased taxation is likely to raise retail prices, potentially affecting demand and overall profitability for leading tobacco
