Hindustan Unilever (HUL), India’s largest consumer goods company, said on Monday its near-term performance was under pressure due to the government’s decision to demonetise high-value currency notes. It, however, did not give any figures. Analysts say HUL’s third-quarter volume growth will be muted because of demonetisation. “Consumers have been impacted by lower cash in hand,” HUL said in its presentation on Monday. “They are cautious with their spend and will initially stick to basic necessities. There is trade down-stocking due to a liquidity squeeze and wholesale has been impacted the most. Logistics has been particularly impacted in long-distance routes and media heat is likely to be lower,” it noted.