November 5 : ITC fell as much as 3.3 % today, falling below its 200-day moving average for the first time in 2 months.
Traders cite valuation concerns given ITC is trading at about thirty times of estimated financial 2014 earnings, whereas the BSE Sensex is trading at about 15.5 times.
Shares within the company have been falling for 3 straight weeks and is down 13 % since striking a record high in late July of Rs. 380 .
ITC posted on October twenty five sales volume growth within the July-September quarter that disappointed investors, sparking downgrades from brokerages as well as Morgan Stanley.
Other FMCG shares such as Hindustan Unilever Ltd were trading down 1.2 % whereas United Breweries Ltd falls 2.4 % .
The Sensex is trading down 0.7 % whereas ITC was down nearly 3 % to Rs. 321.15.
