Indian Tobacco Stocks Slide After Government Announces New Cigarette Tax
New Delhi, January 1 (Reuters):Shares of major Indian tobacco companies fell sharply on Thursday after the government announced a new excise duty on cigarettes, making them more expensive for nearly 100 million smokers across the country. Market leader ITC Ltd, maker of popular brands such as Gold Flake, plunged 9.2%, while Godfrey Phillips India, which…
