ITC Ltd shares crashed up to 9.8%—the steepest fall since 2020—after the government announced higher taxes on tobacco products effective February 1, 2026. Godfrey Phillips India dropped 17.6%. New excise duty of ₹2,050-8,500 per 1,000 cigarettes, plus 40% GST, replaces the scrapped compensation cess. Analysts expect ITC, deriving over 40% revenue from cigarettes, to raise prices by at least 15%. T
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