Nimesh Shah bearish, underweight on consumption space

Nimesh Shah of ICICI Prudential AMC told CNBC-TV18, "We have been always bearish and underweight on consumption stocks. So, when somebody asks me, whether one year back or even today that what are we underweight, we have always said that in consumption space we are bearish. I think what we are seeing today is a transition that is happening in the economy where essentially a consumption led economy has to at some point of time migrate into an investment led economy."

"So, while the consumption has to come down but overall we have always been underweight on consumption in the last two or three years because we believe they are expensive stocks. Most of them are 40 or around 40 PE and we find them expensive," he said.