Friday, share prices of cigarette producer ITC fall down nearly 4 percent intraday as the company has closed its factories from May 04, 2016. "The Hon’ble Supreme Court on May 04, 2016 passed an order transferring to the Karnataka High Court all writ petitions pending in various Courts challenging the rules prescribing 85 percent pictorial warnings on packages of tobacco products.
“The Hon’ble Supreme Court observed that all parties should endeavour to follow the rules," as per BSE release.
The company has decided to shut its cigarette factories from May 04, 2016 until the company is in a position to comply with the interim requirements pending hearing in the Karnataka High Court. At 09:25 hrs ITC was quoting at Rs 310.05, down Rs 7.50, or 2.36 percent on the BSE.