Trent's Revenue Growth Falters, Shares Plummet 9%

Trent's shares dropped nearly 9% following a lackluster revenue growth report for Q3 ending December 31. The stock fell significantly on both the BSE and NSE, eroding the company's market valuation by over Rs 13,570 crore. Despite a 17% rise in revenue, investors were not impressed.

Shares of Trent plummeted almost 9% on Tuesday after the retail company under the Tata group reported uninspiring third-quarter revenue growth, ending December 31. Investors reacted unfavorably, pushing the stock to tumble 8.62% to close at Rs 4,047.70 on the BSE.

During the trading day, the stock hit a low of Rs 3,990, marking a 9.92% decline. Similarly, on the NSE, it saw a comparable drop, ending the session at Rs 4,047.60. Trent emerged as the biggest loser among BSE Sensex and NSE Nifty firms for the day.

The market valuation of the company saw a significant erosion, dropping by Rs 13,570.73 crore to settle at Rs 1,43,890.66 crore. Siddhartha Khemka from Motilal Oswal Financial Services Ltd attributed the decline to the company's unimpressive Q3 business report. Despite a 17% increase in standalone revenue to Rs 5,220 crore, compared to Rs 4,466 crore in the previous year, the results did not meet investor expectations.

(With inputs from agencies.)