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Home News Reports Cigarette stocks rally about 5.5 per cent after cabinet’s decision to ban e-cigarettes

Cigarette stocks rally about 5.5 per cent after cabinet’s decision to ban e-cigarettes

The culture of vaping which is essentially the practice of inhaling and exhaling the vapour produced by an electronic cigarette or similar device had gained prominence of late, resulting in the decline of the cigarette sales.

The Cabinet on Wednesday approved an ordinance making the production, import, distribution and sale of electronic cigarettes a cognizable offence. According to finance minister Nirmala Sitharaman, the decision was taken in the wake of dramatic rise of vaping among youth in the country.

The government’s decision to ban electronic cigarettes was welcomed by the traditional cigarette manufacturers who were witnessing a decline in their sales after the advent of electronic cigarettes. After government’s decision on Wednesday banning the use of electronic cigarettes, the cigarettes stocks saw an upward movement at the stock market.

Following the announcement, stocks of cigarette manufacturers in India spiked. Godfrey Phillips soared up 5.5 per cent to Rs 991, ITC was up 1 per cent at Rs 239.60, Golden Tobacco rose 4.7 per cent to Rs 31.25, VST Industries ended the day with 3.43 per cent hike to Rs 3,622.

The culture of vaping which is essentially the practice of inhaling and exhaling the vapour produced by an electronic cigarette or similar device had gained prominence of late, resulting in the decline of the cigarette sales. The growing health-related hazards surrounding vaping possibly triggered the government into enforcing the proactive measure of banning the electronic cigarettes. According to the draft ordinance, the storage of e-cigarettes shall now also be punishable with imprisonment up to six months or fine up to 50,000 or both.

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OpIndia Staffhttps://www.opindia.com
Staff reporter at OpIndia

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