Tobacco Tax Hike Impact: Why ITC and Godfrey Phillips Shares Are Under Pressure
ITC shares declined by around 5%, while Godfrey Phillips fell over 3% following the announcement of a higher tax burden on tobacco products. The market reaction highlights investor worries about shrinking margins and slowing volume growth. Under the new framework, pan masala, cigarettes, cigars, and other tobacco products will attract a uniform 40% GST. In…