Cigarette stocks remain under pressure

New Delhi: Cigarette stocks continued to remain under pressure on Monday led by ITC which tumbled up to 5 per cent as tobacco related products are set to become more expensive due to hike in excise duty proposed in the Union Budget for 2020-21.

Shares of ITC dropped 5.09 per cent to close at Rs 207.70 on the BSE. VST Industries declined 1.48 per cent and Godfrey Phillips India fell 0.86 per cent.

Cigarette stocks on Saturday had also plunged up to 7 per cent, led by ITC.