New Delhi, February 1: Shares of cigarette companies, including Godfrey Phillips India and ITC Ltd, plunged by up to 5 per cent on the BSE on Wednesday after Finance Minister Nirmala Sitharaman announced a hike in taxes on cigarettes in the Union Budget. Budget 2023: Netizens Share Funny Memes and Jokes After FM Nirmala Sitharaman Announces Custom Duty on Cigarettes.

The stock of Godfrey Phillips slumped as much as 4.92 percent to Rs 1,828.75 on the BSE, while Golden Tobacco declined 3.81 per cent to Rs 59.4. Budget 2023 Highlights: Cigarettes To Get Costlier As FM Nirmala Sitharaman Increases Custom Duty.

Shares of ITC were trading 0.78 per cent lower at Rs 349 on the bourse. NTC Industries dropped 1.4 per cent and VST Industries slipped 0.35 per cent.

In her Budget speech, the finance minister announced a hike in taxes on cigarettes by 16 per cent.