Mumbai, Feb 16 (SocialNews.XYZ) Shares of Brainbees Solutions, which operates baby and mother care retailer FirstCry, came under heavy selling pressure on Monday, as the stock fell sharply by nearly 11.3 per cent to hit a fresh record low of Rs 236.8 apiece as investors reacted negatively to the company’s December quarter results.
However, at the close of the trading session, it was down by Rs 30.35 or 11.25 per cent to trade at Rs 239.45.
The company reported a wider net loss of Rs 39 crore in the third quarter, compared to a loss of Rs 15 crore in the same period last financial year.
The higher losses were mainly due to increased operating costs, higher discounting and modest revenue growth in its key India multi-channel business.
Revenue from operations rose 12 per cent year-on-year to Rs 2,424 crore during the quarter, up from Rs 2,172 crore a year ago.
However, growth in its India multi-channel (IMC) segment stood at 9 per cent, impacted by intense competition in the diapering category and procurement challenges in third-party consumable brands.
International business growth also remained subdued at 7 per cent year-on-year, as horizontal players stepped up promotional activities in overseas markets.
The stock has been under consistent pressure on Dalal Street, closing lower in each of the last five months and losing around 34 per cent during this period.
With the latest fall, the share is now trading about 50 per cent below its IPO price of Rs 465 and nearly 67 per cent below its record high of Rs 734 per share.
In last one week, the shares were down by 12.53 per cent while in last one month, it was down by 12.24 per cent, according to NSE's official data.
On year-to-date (YTD) basis, the stock has dropped 16.53 per cent. However, in last one year, it has dropped by 40.93 per cent on NSE.
Source: IANS
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