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The one sector that's been hit hard by the government's demonetisation drive, is the fast-moving consumer goods (FMCG) sector. The Nifty FMCG index which was trading with gains of more than 8 percent for the first 10 months of 2016, has now fallen 8.82 percent, since November 8.
The Nifty FMCG index is down one percent, year-to-date. This defensive sectoral index, looks all set to buck the seven-year trend, and give its lowest return over the last eight years.
What's more, the index is currently trading at a price-to-earnings ratio of 35 times, while the one year forward price-to-earnings ratio is 30 times, indicating room for downside.
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