Consumer goods maker, Hindustan Unilever Ltd (HUL), falls as much as 2.9 percent to Rs 1,701, in its biggest intraday percent fall since May 2.

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The fast-moving consumer goods (FMCG) major had posted 19 percent rise in June-quarter profit on Monday, but missed street estimates as cost of materials climbed 16 percent.

HUL delivered a steady Q1, helped by a low base, but volume growth trajectory is likely to taper down as base normalises and overall demand pickup remains modest, Jefferies analysts wrote, downgrading the stock to “hold” from “buy”, while maintaining a target price of Rs 1,680.

Given additional headwinds of rising input prices and competitive pressures, it would be difficult for the company to maintain pace of margin expansion, Jefferies added.

Kotak Institutional Equities writes that HUL’s consistency of performance is impressive, while adding that sustaining these levels of growth would need acceleration in market volume growth from current 5-6 percent levels.

Morgan Stanley has retained “underweight” on stock with a target price of Rs 1,260, saying global consumer companies like HUL are likely to face higher risk of a disruption from smaller, more agile companies nibbling at incumbents’ market share.

HUL’s stock hit an all-time high of Rs 1,780 in early trading, up 28 percent this year as of last close.

The stock traded at Rs 1,697.15, falling 3.23 percent, or Rs 56.70 at 12:32 PM on the BSE.

Intra-day it has traded between Rs 1,779.95 and Rs 1,685.05, after opening at Rs 1,770.00.