ITC's shares plunged 12.63 percent on Tuesday, closing at Rs 284.60 on the BSE after the government increased the cess on cigarettes in line with the guidelines of the Goods and Services Council (GST Council). The benchmark 30-share Sensex index slid in tandem, losing 1.13 percent or 363.79 points down to close at 31,710.99.
In early trade, ITC was down 15 percent. In a single trading session, the hotels-to-tobacco company lost nearly Rs 50,000 crore in market capitalisation. ITC ranks fourth in terms of market cap at Rs 3,45,714 crore. However, over the last one year, the stock is up 35 percent against a 15 percent gain in the overall 30-stocks Sensex.
