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ITC shares tank 15% after increase in cess on cigarettes
Shares of cigarette maker ITC Ltd on Tuesday fell as much as 15%, set for its biggest fall in 25 years, with many brokerages downgrading the stock and cutting its target price after the government increased cess on cigarettes. At 9.37am, the stock was trading at Rs285.80 on the BSE, down 12.3% from its previous close. Accordingly, the tax burden on cigarettes will go up by Rs4.8-7.9 per 10 sticks, depending on their length and whether or not they have filters.
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