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ICICI Securities Report
Hindustan Unilever Ltd. underperformance of ~60% versus the Nifty over March 2020 - April 2022 may be potentially interpreted as the stock already factoring in most of the concerns:
(1) Rural slowdown-led demand pressure, (2) Inflation woes and (3) D2C-led premiumisation challenges (reality and narrative).
Technically speaking, some part of the underperformance may also be due to the absorption of GSK's block stock sale in May 2020 (Rs 254 billion; 5.7% stake; one of the largest-ever secondary sale).
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