Shoppers Stop Shares Drop Amid Profit Decline

Shares of Shoppers Stop plummeted over 6% following a substantial 69.13% drop in consolidated profits for the December quarter. The company's net profit fell to Rs 16.12 crore, influenced by factors like a shift in festival timing and uneven consumer trends, despite revenue growth of 2.63%.

Shares of retail giant Shoppers Stop experienced a significant decline on Wednesday, dropping more than 6% after the company announced a 69.13% decrease in consolidated profit for the December quarter.

Despite a 2.63% rise in revenue from operations, the net profit plunged to Rs 16.12 crore, compared to Rs 52.23 crore in the same period last year. The company cited factors such as a shift in festival periods and inconsistent consumer demand as contributing to the decline.

The market reacted sharply to the news with Shoppers Stop's stock closing 6.43% lower at Rs 341 on the NSE. Similarly, shares settled at Rs 341.90 on the BSE, reflecting the overall downward trend influenced by broader market movements.

(With inputs from agencies.)