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