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Promoters held 54.8 per cent stake in the company as of 31-Mar-2022, while FII and DII ownership stood at 23.54 per cent and 12.8 per cent, respectively.

“Investors’ confidence is far higher than fund managers’ confidence. Normally in a market like this, we will go and tell investors not to worry and keep faith on the long term India growth story. Now investors are passing us this message, markets are volatile but overall we will be fine.”

The stock first hit its first support just below the 200-DMA in February 2022, but the bounce back failed to sustain momentum and the rally fizzled out in April 2022 after hitting a high of Rs 497 on the BSE.

Godrej Consumer Products Ltd., incorporated in the year 2000, is a Large Cap company (having a market cap of Rs 80185.70 Crore) operating in FMCG sector.

"The domestic IT sector had seen a strong run in 2020 and 2021 and some reversal was likely given the valuation. Further, domestic IT sector witnessed margin contraction and high attrition. The selling was accentuated by the large drawdown in Nasdaq – tech-heavy index. The sector after almost 30% in CYTD may find some plateauing and offers a strong opportunity to investors."

A total of 176,507 shares changed hands on the counter till 01:19PM (IST)

The stock quoted a 52-week high price of Rs 5930.7 and a 52-week low of Rs 3144.7.

"There are fundamental reasons behind FII selloff. India was relatively expensive to start with and that has added some kind of fuel to the fire to the current account worsening for India as a consequence of the fuel prices rising and the consequent weakness to the currency," Raychaudhuri told ET NOW.

"The exact quantum of increase will be subject to the specific model and market," it said, adding that the price revision has been necessitated to partially offset the steadily growing overall cost inflation, including commodity prices.

An analysis of past recessions in 2008 (global financial crisis) and 2020 (pandemic) shows that stock prices override fundamentals as recession fears set in but surges later on as revenue catches up to the pre-recession trend a year or two into recovery.