India, April 10 -- On April 10, 2026, shares of ITC Limited and Godfrey Phillips India attracted attention after reports showed a notable drop in cigarette sales volumes post-GST hike. Retail prices increased significantly mid-segment packs jumped from Rs 170 to Rs 240, lower-end variants went from Rs 80 to Rs 120, and premium brands rose from Rs 340 to Rs 480 per pack. Sales suffered the most in East India, a major market for ITC, with mini king-size cigarettes experiencing the steepest decline.

Cigarette sales volumes decreased by 5% in March 2026, and early April data indicates that weakness continued after the GST hike to 40%. The biggest declines occurred in East India and the price-sensitive mini king-size segment.

While higher r...