ITC, which has been bearing the brunt of analyst downgrades, increased cess post introduction of Goods and Services Tax (GST) and a petition seeking direction to the government and insurance companies to divest their stake in the cigarette-maker, was among the favourite stocks for mutual funds (MFs) in June.
According to data from U.S.-based investment research firm Morningstar, ITC was the seventh most purchased stock by MFs in June with fund houses buying ITC shares worth almost ₹537 crore with the total value of holding at ₹16,593 crore, which also made it the sixth most-held entity among large-cap stocks.
