India's Mamaearth parent Honasa sinks for second straight session post Q2 results

Honasa Consumer

19/11/2024 04:40

** Shares of Mamaearth-parent Honasa Consumer  HONA.NS  fall
as much as 18.5% to a record low of 242.4 rupees
    ** Stock has lost ~31% in two sessions since it posted Q2
loss and fall in revenue on Thursday after market hours; hits
record low for second straight session
    ** Nearly 307,000 shares change hands via block deals at a
price of 255 rupees per share, a 14.2% discount to its Monday's
close of 297.3 rupees
    ** HONA's Q2 performance was disappointing due to inventory
correction in general trade channel - Antique Stock Broking
    ** Consumer shift and preference on the online channel also
contributed to the weakness - ICICI Securities 
    ** More than 5.5 mln shares change hands, 7.1x its 30-day
avg
    ** Four analysts covering the stock downgrade rating on
stock post results while eight cut PT; median PT trimmed 25% to
410 rupees - LSEG data
    ** Stock down 35% so far this month, set for worst month
since listing a year ago


 (Reporting by Ashna Teresa Britto in Bengaluru)
 ((AshnaTeresa.Britto@thomsonreuters.com))