Dmart Shares Fall on Concern Online Competitors Hurting Sales
- At least five brokerages cut their ratings on the company
- Stock declines as much as 9.5%, most since Jan. 2019
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Shares in India’s Avenue Supermarts Ltd., also known as Dmart, fell the most in over five years on concern that online competition was impacting the company’s current business model.
Shares fell as much as 9.5%, the most since Jan. 2019, after net income came in below estimates at 7.1 billion rupees ($84.5 million) for the three months ended in September. Revenue from mature stores grew about 5.5% compared to last year, the slowest in several quarters, according to research by Jefferies Group.