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The stock traded at a P/E multiple of 23.35, while the price-to-book value ratio stood at 4.18.

The upsides for the stock include volume growth in cigarette business as ITC regains share from illicit trade and the margin expansion in new FMCG business led by cost optimisation. In its base case scenario, Jeffries has given a target price of Rs 415, suggesting an upside of about 20% from the current levels, while in an upside scenario, the stock could soar almost 42% from current levels.

The market capitalisation of all listed stocks on BSE has reduced to Rs 266.6 lakh crore in three sessions with the Sensex having lost over 2,200 points during the period as the selling pressure on Adani stocks had a domino effect on the rest of the stock market.

The intense sell-off in the last three trading sessions wiped out over Rs 5 lakh crore in market value from Adani stocks. The panic struck after US-based whistleblower Hindenburg warned of high leverage and fraudulent practices in Adani Group companies.

The week is filled with market-moving events, so investors are being more cautious, said Shigetoshi Kamada, general manager at the research department at Tachibana Securities.

A total of 504,300 shares changed hands on the counter till time (IST).

Adani Group said the report on the business house was a "calculated attack" on the country and its institutions while a senior executive compared a rout of its stocks with a colonial-era massacre.

Vedanta on Friday reported a 42% YoY decline in its consolidated net profit to Rs 3,092 crore for the quarter ended December 31, 2022. >> For more such web stories click on the ET icon below

Bullish Flag like formation and price sustaining above the 20 days EMA and outperformance in weak markets.

However, we believe one more year of high fiscal deficit (not exceeding current levels) will do no harm to our global ratings and support the economy which still needs hand-holding from the government for some more time.