ITC stock hits 2-month low amid market weakness, slips 4% in two days

Reliance Consumer's foray into FMCG, through brand 'Independence', could be a threat to existing FMCG companies in the foods space, analysts said

Shares of ITC hit a two-month low of Rs 331.90 on the BSE in Friday’s intra-day trade, falling 2 per cent in the intra-day trade on Friday and 4 per cent in the past two trading days, amid sell-off in equity markets.

The stock of the diversified fast moving consumer goods (FMCG) was trading at its lowest level since October 17, 2022. With the past two days' decline, ITC is now down 8 per cent from its record high level of Rs 361.90, touched on November 11, 2022. In the past three months, the stock has underperformed the market