Yahoo Finance StockBeat: Altria Shares Hit 52-Week Low After India Bans E-Cigarettes
Investing.com - Shares of tobacco company Altria Group (NYSE:MO) set a new 52-week low of $40.82 Wednesday after India announced a ban on e-cigarettes as a global backlash against vaping gathers pace.
Altria (NYSE:MO) shares were off 1.1% at 1:00 PM ET (17:00 GMT). The shares are down 17% this year and 13.7% this quarter alone.
India was following the lead of Michigan and New York, which have both banned sales of flavored e-cigarettes. The bans came after reports of lung diseases and deaths of e-cigarette users.
In addition, the Trump administration is cracking down hard on the sale of flavored e-cigarettes. Health concerns and teen addiction have given regulators pause.
Altria (NYSE:MO), maker of Marlboro cigarettes, doesn't make e-cigarettes. But it invested nearly $13 billion last year in Juul, one of the biggest e-cigarette makers. The move was made to offset declining cigarette sales due to high taxes and bans on smoking in public spaces.
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