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July 28 (Reuters) - The U.S. Food and Drug Administration aims to reduce nicotine levels in cigarettes while exploring measures to shift smokers towards e-cigarettes in a major new regulatory program announced by FDA Commissioner Scott Gottlieb on Friday that sent combustible cigarette company stocks plunging.



The FDA said it would extend the timeline for newly regulated products, including e-cigarettes, to submit applications for approval and allow existing products that were on the market as of Aug. 8, 2016 to remain on the market, a boon for e-cigarette manufacturers. (Reporting by Toni Clarke in Washington; Editing by Bernadette Baum)

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