ITC slumped 8.81% to Rs 359.10 at 13:45 IST on BSE after Finance Minister Arun Jaitley in Union Budget 2015-16 increased excise duty on cigarettes.
Meanwhile, the S&P BSE Sensex, was down 225.68 points or 0.77% to 28,994.44.
Finance Minister Arun Jaitley presented Union Budget 2015-16 in the parliament today, 28 February 2015. In the budget, he announced that to promote public health, excise duty on cigarettes is being increased by 25% for cigarettes of length not exceeding 65 mm and by 15% for cigarettes of other lengths. He also made similar increases in excise duties on cigars, cheroots and cigarillos. Excise levy on cigarettes and the compounded levy scheme applicable to pan masala, gutkha and other tobacco products also changed, he added.
Finance Minister Arun Jaitley said that the basic corporate tax rate will be reduced to 25% from 30% over the next four years.
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