Nifty FMCG index slips over 1 per cent on Tuesday post tumbling 2 per cent in the previous session, following ITC declaring demerge of its hotel business.
shares of ITC on Tuesday plunged close to 3 per cent post dipping 4 per cent in the last session. Britannia Industries and Varun Beverages too witnessed a cut of 2 per cent and 1.50 per cent, respectively.
The FMCG index has breached previous reversal support, igniting fear of caution among retail traders. This move emerged after the index reached a new historic peak a few sessions ago.