Shares of Shoppers Stop are under pressure in trade on Wednesday after the company reported third-quarter earnings for the ongoing financial year. The stock fell as much as 10% in early trade, reaching a four-year low of Rs 319.3.
Shoppers Stop shares have recovered since and are currently trading with cuts of around 3.5%. That means the stock has gained 7% from the day's low.
Shoppers Stop shares under pressure
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This comes on the back of the company's third-quarter earnings that witnessed net profit falling 69% on a year-on-year basis to Rs 16.1 crore, although this number was hampered by a one-time exceptional loss of Rs 17.69 crore.
Revenue, meanwhile, remained flat, gaining only 2.6% year-on-year to Rs 1,419 crore. This compares to a topline of Rs 1,379 crore that was achieved during the same period last financial year.
Nine analysts track Shoppers Stop, with five recommending a “buy,” while two each have “hold” and “sell” ratings, according to Bloomberg data. Shares of Shoppers Stop have fallen 45% on a year-on-year basis, with the stock currently trading with a relative strength index of 52, suggesting neutral market sentiment.
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