Hindustan Unilever signals more selective price hikes to offset persistent commodity inflation, joining other consumer goods peers as the Middle East conflict keeps input costs elevated.

Shares fell as much as around 7pc after the domestic unit of Britain’s Unilever, home to brands including Dove and Surf Excel, said its profit fell 4pc to 26.31 billion Indian rupees in the first quarter that ended June 30.

The US-Israel war on Iran has saddled corporations worldwide with higher energy, freight and commodity costs, squeezing margins and prompting price increases for everything from packaged foods to tyres.