With the announcement of Union Budget 2016 by the Finance Minister Arun Jaitley, good news came for some and for some came the bad news.
For smokers and tobacco product users came the bad news as excise duty on various tobacco products was raised by nearly 10-15 percent.
Led by ITC, cigarette stocks came under selling pressure, falling by up to 8 per cent, as excise duty on various tobacco products other than beedi was raised by about 10-15 per cent in Budget 2016-2017.
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