The government has hiked import duty on high-end consumer items up to 20 percent.
Shares of Voltas, Havells India, Blue Star and Whirlpool of India have reacted post the hike in basic custom duty by up to 20 percent.
The government has hiked import duty on high-end consumer items including washing machines, air conditioner, footwear, diamonds, jet fuel as a part of its plan to get foreign funds flowing back to India and to reduce current account deficit (CAD) as it seeks to stabilise the domestic currency.
The change in rates will be effective from 27 September, the finance ministry said in a release, adding that the total value of imports of these 19 items in the year 2017-18 was about Rs 86,000 crore.
Voltas was quoting at Rs 548, down 4.2 percent, Havells India was quoting at Rs 634.3, down 2 percent and Whirlpool of India was quoting at Rs 1,425, down 1.5 percent.
Meanwhile, the domestic player Blue Star is trading higher by 2.5 percent despite custom duty hike.
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