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Introduction During the past several years, a variety of new tobacco products and nicotine delivery devices have been introduced

They don't stop smoking cigarettes

Consumption increased from 388 000 tonnes in 1970-72 to 1 655 000 tonnes in 1999, representing an increase in cigarette consumption of 4.8 percent annually

For investors, the key variables to watch include: Government stance on tax predictability Measures to curb illicit cigarette trade Volume trends in the legal cigarette segment Conclusion The sell-off in tobacco stocks is not just a knee-jerk market reactionit reflects deeper structural concerns around taxation policy and its long-term implications