Enter ITC, says Prakash Diwan

Prakash Diwan, Director at Altamount Capital Management told CNBC-TV18, "I really wouldn’t be surprised if Monday morning FIIs come and start buying ITC. Of course it sounds very contrarian but the reason is very simple, ITC we are expecting it to be impacted significantly with this excise hike but no where in the world smoking comes down because of price hikes. Pricing is the least of the concerns for most smokers."

"The diversification that they are working on very actively to get into other revenue streams is some where going to start balancing this off. So, you can't expect this to be a one sided thing for ever. I am sure ITC itself is aware of the issues it faces more than all of us put together. They have done enough to diversify the revenue stream from the FMCG business. They are adding so many streams to that inorganically so and more actively so. So, I think it is going to be a great opportunity to get into at these levels which is more sentimental than anything else," he added.