 "ITC, Godfrey Philips fall as India bans sale of 'loose' cigarettes")
India’s biggest cigarette manufacturer ITC slumped over 7% intra-day after the Health Ministry announced that it accepted the recommendation of an expert panel to ban the sale of single or loose cigarettes.
In a written statement to Parliament, health minister JP Nadda said the expert panel has recommended “prohibition on sale of loose or single stick of cigarette, increasing the minimum legal age for sale of tobacco products, increasing the fine or penalty amounts for violation of certain provisions of the Act as well as making such offences cognizable”.
The World Health Organization (WHO) Framework Convention on Tobacco Control states that countries “shall endeavor” to prohibit such sales as it makes them more affordable for minors. India is a party to the convention.
All cigarette manufacturers ended the day in redwith ITC down 5% andGodfrey Philips falling 9%.
A Reuters report quoting dealers said that the Health Ministry move is expected to impact ITC’s volumes by 10%.
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