ITC down 4% on reports of Maharashtra banning sale of loose cigarettes

Shares of tobacco companies, ITC and Godfrey Phillips, fell by up to 4% today amid reports that Maharashtra has decided to ban sale of loose cigarettes.

ITC's scrip fell by 3.95% to Rs 318.90 on the BSE.

During the day, it slipped 4.33% to Rs 317.60. Shares of Godfrey Phillips went down by 2.61% to Rs 510 and Golden Tobacco lost 1.62% to Rs 39.40.

According to reports, the state health department on Monday announced a ban on sale of loose cigarettes, on grounds that there was no way to warn buyers of the dangers of smoking.

Meanwhile, the Chandigarh Administration late last month imposed a ban on sale of loose cigarettes and other tobacco products that do not carry specified health warnings on it.

Meanwhile, in the broader market, the BSE 30-share Sensex ended today with a sharp loss of 660.61 points at 27,188.38.