Analysts warn that higher taxes could squeeze margins, dent volumes and fuel illegal trade, even as demand remains resilient.
Analysts warn that higher taxes could squeeze margins, dent volumes and fuel illegal trade, even as demand remains resilient.
MUMBAI: A recent excise duty hike on cigarettes has rattled tobacco stocks, with investors bracing for margin pressure, potential volume erosion and a possible surge in illicit trade, even as underlying demand remains sticky.