The attraction is a tax rate that’s on a par with that in Singapore and Mauritius that provides some protection from India’s indirect transfer of shares framework.
Analysts said concern over near-term prospects may have prompted FPIs to sell.
Bloomberg data shows that of the 46 analysts tracking the stock, 23 have a buy rating, 20 have a hold rating.
HSBC said first quarter revenue and earnings growth were significantly above Street expectations.
Analysts said stocks get cornered after listing due to frenzied buying, leaving little float for public.
The brokerage has maintained hold rating on ITC with a target price of Rs 320.
The long-short ratio has come down to 66 per cent from 82 per cent, said Seth.
Some NBFCs and consumer-staple companies have run up ahead of fundamentals.
"Under GST, basmati rice has been included in the category of branded cereals registered in the Register of Trade Marks, that attract a levy of 5% GST," ICRA said.
ET explains what pledging of shares means and why it is an important tool in gauging a company's financial health.
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