ITC, Godfrey Phillips shares slide up to 5% amid sharp excise duty hike on cigarettes

Cigarette makers ITC and Godfrey Phillips India saw their shares plummet up to 5% on Friday following a steep hike in excise duties announced by the government. The Finance Ministry's revised duty structure, effective February 1, has sent shockwaves through the industry, raising concerns about increased tax burdens and potential volume losses for legal players.