Select consumer durables plunge; Voltas tanks 6% on import duty hike

Shares of select consumer durables companies plunged up to 6.2 percent Thursday following the hike in customs duty on compressors, used for air conditioners and refrigerators.

Shares of Voltas tanked 6.19 percent, Blue Star 5.26 percent, Havells 5.20 percent and Whirlpool 3.17 percent on BSE.

The BSE consumer durables index also fell by 1.43 percent to end at 19,571.14.

The government Wednesday raised import duties on 19 items, including air conditioners.

The import duty on air conditioners, household refrigerators and washing machines (less than 10 kg) doubled to 20 percent. The basic customs duty on compressors, speakers, and footwears raised to 10 percent, 15 percent, and 25 percent, respectively.