Carbonated beverages’ scrips decline after tax hike
The GST Council hiked the tax rate to 40% from 28%
Carbonated beverages’ scrips decline after tax hike
New Delhi: Shares of Varun Beverages tumbled 4 per cent, extending its previous day’s decline, after the GST Council approved a hike in tax rate on carbonated beverages to 40 per cent from 28 per cent at present.
The stock tanked 4.04 per cent to settle at Rs 469.70 on the BSE. During the day, it declined 4.28 per cent to Rs 468.50.
At the NSE, it fell by 4 per cent to Rs 469.65. On Thursday, the stock declined nearly 3 per cent. Popular soft drinks, such as Coca-Cola and Pepsi, along with other non-alcoholic beverages, will become costlier, with the GST Council approving a hike in tax rate on carbonated beverages to 40 per cent from 28 per cent at present.
