Marico share price has been under pressure lately after hitting a 52-week high of ₹889.95 on 31 July. However, the recent correction could be an opportunity to buy the stock, according to brokerage firm Nuvama Wealth Management.
On a monthly scale, Marico shares are down 3% so far in September after an almost 5% decline in August when it snapped its four-month winning streak.
Year-to-date, however, the FMCG stock is still up more than 5% compared to a 12% fall in equity benchmark Sensex. The stock touched a 52-week low of ₹690.40 on 29 September last year.
In intraday trade on Thursday, 10 September, the stock declined more than 1%, looking set to extend losses for the second consecutive session.
According to shareholding pattern data on the BSE, by the end of the June quarter of FY27, HDFC Mutual Fund held 3,21,51,500 shares, equivalent to 2.48% stake, in the company.