ITC, all cigarette stocks under pressure after Budget 2023 raises NCCD levy

ITC shares corrected sharply by 6 percent during the day but later recovered to trade with 0.6 percent losses at Rs 351.

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Cigarette stocks, including ITC, came under pressure on the Budget day after the government stepped up NCCD duty on cigarettes.

ITC shares corrected sharply by 6 percent during the day but later recovered to trade with 0.6 percent losses at Rs 351.

Among others, Godfrey Phillip and Golden Tobacco plunged 4 percent each, while NTC Industries was down over a percent and VST Industries fell half a percent.

In her Budget speech at Parliament, Finance Minister Nirmala Sitharaman said the government has decided to increase NCCD (National Calamity Contingent Duty) on certain cigarettes by 16 percent.