Shares of Varun Beverages fell by 5.2% as the Group of Ministers proposed raising the GST rate on aerated drinks to 35%. This hike in taxes affects Varun Beverages significantly since most of its revenue comes from India’s aerated beverages segment.

The cigarette maker, ITC, saw its shares decline 3 per cent in the intra-day trade today, while aerated drinks maker, Varun Beverages, clocked a 5 per cent fall in the market

The Group of Ministers on GST rate rationalisation has recommended to raise tax on aerated beverages to 35% from the current 28%.

Varun Beverages share price plunged as much as 5.18%, ITC stock price declined 3%, Godfrey Phillips India shares declined as much as 3.16%, while VST Industries stock fell 2.27% during Tuesday’s trading.

Shares of ITC, VST Industries, and Varun Beverages declined after a GoM proposed a 35% GST on sin goods including aerated beverages, cigarettes, and tobacco products.

Shares of ITC fell 2.94 per cent to hit a low of Rs 463.10. Godfrey Phillips India declined 2.45 per cent to Rs 5,616.85. VST Industries was down 0.12 per cent at Rs 325.30. The PepsiCo bottler Varun Beverages slipped 3 per cent to Rs 613.

Shares of ITC, VST Industries and Varun Beverages declined in morning trade on Tuesday after the GoM (Group of Ministers) decided to rework the GST rate. The GoM decided to hike tax on 'sin' goods like aerated beverages,

Shares of ITC, Varun Beverages and Godfrey Phillips India ended lower on Tuesday after the Group of Ministers on GST rate rationalisation decided to hike tax on sin goods like aerated beverages, cigarettes,