ITC chairman Y C Deveshwar favoured self-regulation by the tobacco industry to curb tobacco consumption, instead of statutory control of tobacco advertising and sponsorships as contemplated by the Union government.
Deveshwer said he was yet to study the proposed bill to control tobacco advertisements but any consumption regulation in a practical and reasonable manner was in good direction.
The Union government's decision to bar cigarette companies from sponsoring sports and cultural events and people from smoking in public, triggered a 10.17 per cent fall in the ITC share prices on bourses -- its biggest ever single-day fall in one year. The fall translates into a loss of Rs 2,192.78 crore in market capitalisation.
Deveshwer said care should be taken to ensure that regulatory measures did not result in the Indian industry losing out to its international competitors. The industry would go through the proposed bill and make known its views to the government.