The terrific rally on Dalal Street came to a halt in August, with Sensex falling around 1,300 points this month so far.

Weak global cues on escalating tension between the US and North Korea and disappointing April-June quarter earnings by some bluechip companies hit investor sentiment.

Moreover, every other consumer-oriented company is blaming destocking in the run-up to the implementation of goods and services tax (GST) for soft earnings in Q1FY18.

Here are 10 companies that blamed the new tax regime for their tepid performance.

FMCG major Britannia Industries posted 1.41 per cent year-on-year fall in consolidated net profit at Rs 216.12 crore for the quarter ended June 30, 2017, against Rs 219.21 crore in the corresponding quarter last year.

Varun Berry, Managing Director, Britannia Industries in a release said, "It has been a good quarter in the face of challenging market environment and de-stocking in trade due to GST. While GST created a short-term impact, it is expected to generate a positive momentum going forward."

ITC reported 7.37 per cent rise in standalone net profit to Rs 2,560.50 crore for the first quarter ended June 30, 2017, driven mainly by revenue growth from FMCG and cigarettes business.

"The company delivered steady performance during the quarter against the backdrop of a challenging business environment marked by continuing pressure on the legal cigarette industry, sluggishness in demand for FMCG products exacerbated by de-stocking in trade channels ahead of the implementation of GST," said ITC in a statement.