NEW DELHI, Feb. 19 -- The post-budget rally in ITC Ltd shares, as it turned out, flattered to deceive. ITC shares jumped over 15% in the budget week after the government left cigarette taxes untouched. But the stock gave up over half of those gains in the week ended 13 February, part of it due to weaker-than-expected December quarter results.
The stock trades at about '217 apiece, languishing below its pre-covid highs a year ago.
Other consumer goods stocks surpassed their pre-covid highs several months ago. While ITC's underperformance isn't new, investors remain confounded about the extent to which the stock is lagging behind. Other laggards such as State Bank of India and Larsen and Toubro Ltd have recovered sharply in the so-called re...