ITC share price fell over 5% on Friday, January 2, sliding to a 52-week low of ₹345.35, after the government announced a fresh excise duty on tobacco products, effective February 1. This comes after a 10% decline in the previous session.

As per a Finance Ministry notification issued on Thursday evening, cigarettes will attract an excise duty in the range of ₹2,050 to ₹8,500 per 1,000 sticks. The new levy will be over and above the existing 40% GST applicable on cigarettes, tobacco and similar products, which will also take effect from February 1.