Tobacco stocks on Tuesday took a beating, led by ITC that plummeted 15 per cent in intra-day wiping out Rs 49,731 crore from its market valuation in a single day, after the GST Council raised the cess on cigarettes.

Shares of ITC tumbled 12.63 per cent to close at Rs 284.60 on BSE. During the day, the stock dived 14.99 per cent to Rs 276.90. At the NSE, shares of the company plunged 12.48 per cent to end at Rs 284.55. The stock was the worst hit among Sensex and Nifty components. Following the sharp slump in the stock, the company's market valuation slumped Rs 49,730.64 crore to Rs 3,46,125.36 crore.

Nearly Rs 15,000 crore loss was suffered by the government and several insurance companies. Life Insurance Corporation has 16.29 per cent stake in the company, while Specified Undertaking of the Unit Trust of India has 9.09 per cent stake, as per June shareholding data.

Among others, shares of VST Industries went down sharply by 7.83 per cent, Godfrey Phillips India tanked 5.69 per cent and Golden Tobacco fell by 3.63 per cent on BSE.

Fall in ITC's scrip was instrumental in sending the 30- share index down by 363.79 points to close at 31,710.99. Cigarette stocks were down in the previous trading session also.

The GST Council yesterday raised the cess on cigarettes to take away an estimated Rs 5,000 crore annual "windfall" manufacturers could have reaped from lower GST rates However, cigarette prices will not change as a result of the increased cess This was the first meeting of the Council after the Goods and Services Tax (GST) was rolled out on July 1.