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

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.