Shares in Hindustan Unilever Ltd ( HUL ), India's largest consumer goods maker, fell 1.6 percent ahead of the company's quarterly earnings later in the day.
Dealers say expectations are that the company's volumes would dip for the fourth straight quarter.
Analysts expect HUL's Jan-March volume growth to range from 5 percent to 5.5 percent.
The company took price cuts in the previous quarter due to increasing competition and a slowdown in consumer spending, said dealers.
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