Mumbai, Jan 1: Shares of major cigarette makers fell sharply on Thursday after the government announced to slap a fresh excise duty on cigarettes next month, a move that is expected to push up prices and impact sales.

Stocks of ITC and Godfrey Phillips dropped by as much as 19 per cent during the intra-day’s trade on Thursday.

According to a government order, the new excise duty will come into effect from February 1.

The duty has been fixed in the range of Rs 2,050 to Rs 8,500 per thousand cigarette sticks, depending on the length of the cigarettes.

This additional tax is likely to make cigarettes more expensive, which could hurt demand and weigh on the earnings of cigarette companies.

Following the announcement, ITC shares fell up to 10 per cent on the BSE and hit a 52-week low of Rs 362.70.

The stock also came under pressure due to a large block deal reported during the session, which added to the selling momentum.

Over the past one year, ITC shares have declined 17 per cent and are down 9 per cent in the last six months.

The company remains one of the heavyweight stocks in the benchmark indices, with a market capitalisation of over Rs 4.75 lakh crore.

Godfrey Phillips shares saw an even steeper fall. The stock tumbled nearly 19 per cent to touch the day’s low of Rs 2,230.15 on the BSE.

Despite the sharp fall on Thursday, the stock is still up nearly 49 per cent over the past one year.

The new excise duty on cigarettes will be levied over and above the goods and services tax. As per the new structure, cigarettes, tobacco and similar products will attract a GST rate of 40 per cent from next month.

The excise duty will replace the compensation cess that was earlier imposed on these products.

The change follows Parliament’s approval of an amendment law in December that replaces the temporary levy on cigarettes and tobacco products.

Mumbai: In a major action ahead of the BMC elections, Mumbai Police’s Shivaji Park Police arrested a man in possession of high-quality counterfeit currency notes from the vicinity of Dadar Railway Station.

Police recovered fake currency notes with a face value of ₹72,000 from the accused. All the seized notes were in the denomination of ₹500 and were found to be of high quality. The arrested accused has been identified as Amruddin Sheikh (61).

According to police officials, there is suspicion that the seized counterfeit notes may have been smuggled into India from Bangladesh. Further investigation in this regard is underway.

Police have also revealed that the accused had previously used counterfeit currency worth several thousand rupees. Investigators are now probing where and how these fake notes were circulated. Further investigation is in progress.

Netizens took to social media to express anger and disappointment after the Navi Mumbai Municipal Corporation (NMMC) headquarters witnessed no New Year’s Eve celebrations this year, breaking a long-standing annual tradition. The iconic NMMC HQ building is usually the attraction of the grand midnight festivities, featuring fireworks, decorative lighting, and large public gatherings to welcome the New Year.

Every year, thousands of residents flock to the headquarters building around midnight to witness the celebrations and ring in the New Year together. However, on the night of December 31, 2025, the venue remained dark and silent, leaving many visitors confused and disappointed.

Reportedly, the NMMC had officially cancelled the New Year’s Eve event due to the enforcement of the Model Code of Conduct ahead of the upcoming elections. Under these guidelines, government bodies are restricted from organising large-scale public celebrations or entertainment programmes funded by the state, to maintain neutrality during the electoral period.

To comply with these rules, the civic body decided to call off all official festivities at the headquarters this year. Despite the announcement, many residents claimed they were unaware of the cancellation. Large crowds reportedly gathered at the NMMC HQ, expecting the usual fireworks and light shows, only to be met with a complete absence of celebrations.

Clearer public messaging could have prevented confusion and unnecessary crowding. Some users also questioned why at least minimal decorative lighting was not arranged, even if large-scale celebrations were restricted. One user commented, “Bhai… Kya hogya, NMMC ko….they used to decorate so much on this day…inko kya hua. (What happened to NMMC, they used to decorate so much on this day.)”

While authorities announced earlier that the decision was taken strictly in adherence to electoral guidelines, the disappointment.